Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - In the short term, palm oil is expected to move in a volatile manner. The poor export situation of Malaysian palm oil in July and the relatively loose domestic supply due to active recent - month ship purchases, along with the continued dominant position of rigid - demand procurement in the demand side, may cause the basis price to continue to decline under pressure [2][12]. 3. Summary by Directory 1. Palm Oil Price and Market Review - The report presents a chart of the average palm oil price trend (yuan/ton) [4]. 2. Supply Situation Analysis - The report shows a chart of China's palm oil import data [7]. 3. Demand Situation Analysis - The report includes a chart of the statistics of palm oil's transaction average price and volume (tons, yuan/ton) [8]. 4. Cost - Profit Analysis - The report provides a chart of palm oil's import cost and profit (yuan/ton) [10]. 5. Market Outlook - Malaysian palm oil's export volume from July 1 - 25 decreased significantly month - on - month, suppressing palm oil futures prices. Domestic palm oil supply is relatively loose in the short term due to active recent - month ship purchases. After a brief recovery, the import profit has deepened the inversion, and domestic ship purchases are progressing steadily. The demand side is mainly for rigid - demand procurement, and the basis price may continue to decline under pressure [2][12].