Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, the main contract of BMD Malaysian palm oil dropped 103 to close at 4,012 ringgit/ton, a decline of 2.5%; the palm oil 09 contract fell 160 to close at 8,376 yuan/ton, a decline of 1.87%; the soybean oil 09 contract dropped 154 to close at 8,002 yuan/ton, a decline of 1.89%; the rapeseed oil 09 contract fell 260 to close at 9,466 yuan/ton, a decline of 2.67%; the main contract of CBOT US soybean oil dropped 2.42 to close at 52.62 cents/pound, a decline of 4.4%; the active contract of ICE rapeseed dropped 42.8 to close at 698.7 Canadian dollars/ton, a decline of 5.77% [4][7] - The overall oil and fat sector oscillated and declined, mainly due to the easing of the conflict between Israel and Iran. After the cease - fire agreement took effect, the impact of the Middle - East geopolitical conflict weakened, and the sharp decline in oil prices dragged down the oil and fat sector. High - frequency data showed that the production of Malaysian palm oil in June might increase moderately, the growth rate of export demand narrowed, and the inventory at the end of June was expected to continue to increase, in a seasonal inventory - building process. The domestic palm oil was in the inventory - building rhythm, and the tight pattern improved [4][7] - Macroeconomically, the US Treasury Secretary hinted that tariffs might be extended until September 1st. US economic data weakened, the expectation of interest - rate cuts increased, the US stock market performed strongly, and the US dollar index oscillated weakly. Oil prices entered an oscillatory adjustment stage after sharp fluctuations. Fundamentally, Brazil raised the mandatory blending ratio of biodiesel from 14% to 15%, which boosted the market. It was expected that the inventory of Malaysian palm oil at the end of June would continue to increase, and the overall supply was in a loose process, waiting for the release of the MPOB report. Palm oil purchases arrived at ports one after another, inventory rebounded, the previous pattern of rigid - demand procurement eased, and trading volume increased during the week. Overall, palm oil might oscillate in the short term [4][11] Group 3: Summary According to the Table of Contents Market Data - The table shows the price, change, and change rate of various contracts such as CBOT soybean oil main contract, BMD Malaysian palm oil main contract, etc. from June 20th to June 27th, including futures and spot prices [5] Market Analysis and Outlook - The oil and fat sector declined due to geopolitical factors and inventory changes. Different institutions had different data on the production and export of Malaysian palm oil. For example, from June 1 - 25, 2025, the production data from SPPOMA showed an increase, while MPOA and UOB data showed different degrees of decrease. Export data from ITS, AmSpec, and SGS also varied. The MPOB agency lowered the reference price of Malaysian crude palm oil in July, and the export tax rate decreased. GAPKI data showed that Indonesia's palm oil export volume in April decreased compared with the previous year, while production increased and inventory reached 3.04 million tons at the end of April [7][8][9] - As of June 20, 2025, the inventory of the three major oils in key national regions increased compared with the previous week and the same period last year. As of June 27, 2025, the weekly average daily trading volume of soybean oil decreased, while that of palm oil increased [10] Industry News - Malaysia signed the MEEPA, which will reduce import tariffs through a tariff - quota mechanism, and the tariff reduction range is between 20% and 40% according to product categories. The agreement also achieved three key results for sustainable palm oil [12] - Traders warned that due to the congestion at Kandla Port, there might be a shortage and supply interruption of edible oil in India. Many ships carrying Indonesian palm oil were waiting to unload [12][13] - Malaysia established a special committee to strengthen its response to the EU's zero - deforestation law, aiming to ensure its low - risk country status and strengthen the traceability system [13] Relevant Charts - There are multiple charts showing the price trends of Malaysian palm oil, US soybean oil, three major oil futures, and spot prices of palm oil, soybean oil, and rapeseed oil, as well as the price differences, import profits, monthly production, export, and inventory of palm oil in Malaysia and Indonesia, and the commercial inventory of domestic three major oils [15][16][19]

Group 1 - The Brazilian trade agency has extended the validity of tariffs on steel products for an additional 12 months [1]