研客专栏 | 大涨的棕榈油发生了什么？

Core Viewpoint - The article discusses the fluctuations in palm oil prices, driven by various factors including weather conditions, export dynamics, and market demand, particularly from India and Indonesia [2][4][12]. Group 1: Market Dynamics - In late July, rumors of domestic companies exporting soybean oil to India led to a decrease in palm oil demand, causing prices to drop to a low of 8746 yuan/ton [4]. - However, by early August, reports of poor palm oil production in Indonesia led to a rebound in prices, surpassing 9000 yuan/ton with an increase of nearly 3% [4]. - The article notes that Indonesia's palm oil production is expected to face challenges due to lower rainfall and higher temperatures in July, which could affect fruit quality and yield [5][10]. Group 2: Production and Export Trends - In June, Indonesia's palm oil production was estimated to decrease by 7%-8% due to lower rainfall, with cumulative production reaching 27.69 million tons, an increase of 1.51 million tons compared to the same period in 2024 [10]. - The article highlights that Indonesia's palm oil exports in June reached 2.588 million tons, a month-on-month increase of 30.5% due to a decrease in export tariffs [10]. - As of mid-July, Indonesia's biodiesel consumption was approximately 7.42 billion liters, aligning closely with annual targets despite concerns about the implementation of B40 biodiesel blending [11]. Group 3: International Trade and Demand - India's palm oil imports in June rose to 960,000 tons, up from 590,000 tons in May, indicating a recovery in demand [16]. - However, in July, palm oil imports decreased to 855,000 tons, attributed to high domestic prices, while soybean oil imports increased to 495,000 tons [16]. - The article also mentions that South American soybean oil exports are expected to slow down, which may lead India to rely more on palm oil imports in the upcoming months [17]. Group 4: Future Outlook - The article suggests that palm oil prices may remain strong in the short term due to ongoing demand from India and biodiesel requirements in Indonesia [19]. - However, after the Diwali festival in October, palm oil imports may decline as inventories in Malaysia and Indonesia rise, potentially leading to a market shift towards weaker demand [19].