1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Last week, the BMD Malaysian palm oil main contract rose 72 to close at 4,449 ringgit/ton, a 1.64% increase; the palm oil 01 contract rose 210 to close at 9,526 yuan/ton, a 2.25% increase; the soybean oil 01 contract rose 92 to close at 8,450 yuan/ton, a 1.1% increase; the rapeseed oil 01 contract rose 29 to close at 9,818 yuan/ton, a 0.3% increase; the CBOT US soybean oil main contract fell 0.9 to close at 51.2 cents/pound, a 1.73% decrease; the ICE canola active contract fell 10 to close at 617.5 Canadian dollars/ton, a 1.59% decrease [4]. - The slight weekly gain in palm oil was mainly due to strong export demand for Malaysian palm oil in August. Due to the Indian Diwali festival and its cost - effectiveness, the import demand from India increased significantly, providing price support. Market institutions expect the ending inventory of Malaysian palm oil in August to continue to increase to 2.2 million tons, and with limited market driving force, the market showed an overall oscillatory trend. There was limited news on the US soybean oil - related biodiesel policy. The weakening of US soybeans due to concerns about export demand dragged down US soybean oil, which closed down in an oscillatory manner [4][6]. - Macroeconomically, the US non - farm payrolls data in August were far below expectations, leading to an increase in market expectations of interest rate cuts. US Treasury bond prices rose significantly, and the US dollar index oscillated at a low level. Due to the weak US employment data and OPEC+ in principle agreeing to increase production again in October, oil prices trended weakly in an oscillatory manner. Fundamentally, the production of Malaysian palm oil in August is expected to increase slightly. Strong export demand provides price support, while the ending inventory is expected to increase to 2.2 million tons, limiting the upward momentum of prices. In the short term, the market driving force is limited. Subsequently, the Diwali festival stocking demand in India will continue. Attention should be paid to the upcoming MPOB report, and palm oil is expected to oscillate in the short term [4][6][10]. 3. Summary According to Relevant Catalogs 3.1 Market Data | Contract | Closing Price on Sep 5 | Closing Price on Aug 29 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | CBOT Soybean Oil Main Contract | 51.2 | 52.1 | - 0.9 | - 1.73% | Cents/pound | | BMD Malaysian Palm Oil Main Contract | 4449 | 4377 | 72 | 1.64% | Ringgit/ton | | DCE Palm Oil | 9526 | 9316 | 210 | 2.25% | Yuan/ton | | DCE Soybean Oil | 8450 | 8358 | 92 | 1.10% | Yuan/ton | | CZCE Rapeseed Oil | 9818 | 9789 | 29 | 0.30% | Yuan/ton | | Futures Spread between Soybean Oil and Palm Oil | - 1076 | - 958 | - 118 | - | Yuan/ton | | Futures Spread between Rapeseed Oil and Palm Oil | 292 | 473 | - 181 | - | Yuan/ton | | Spot Price of 24 - degree Palm Oil in Guangzhou, Guangdong | 9380 | 9320 | 60 | 0.64% | Yuan/ton | | Spot Price of Grade - 1 Soybean Oil in Rizhao | 8510 | 8470 | 40 | 0.47% | Yuan/ton | | Spot Price of Imported Grade - 3 Rapeseed Oil in Zhangjiagang, Jiangsu | 9860 | 9900 | - 40 | - 0.40% | Yuan/ton | [5] 3.2 Market Analysis and Outlook - Palm oil closed slightly higher last week. The strong export demand for Malaysian palm oil in August, driven by the Indian Diwali festival and cost - effectiveness, provided price support. Market institutions expect the ending inventory of Malaysian palm oil in August to reach 2.2 million tons, and with limited market driving force, it oscillated overall. US soybean oil closed down due to limited biodiesel policy news and the weakening of US soybeans. Canola continued its weekly decline as the Ministry of Commerce extended the anti - dumping investigation on imported canola from Canada until March 9, 2026, keeping demand under pressure [6]. - The MPOB monthly report preview shows that Reuters survey predicts that Malaysia's palm oil inventory in August 2025 will be 2.2 million tons, a 4.06% increase from July, reaching the highest level since December 2023; production is expected to be 1.86 million tons, a 2.5% increase from July, increasing for the second consecutive month to the highest level since August last year; export volume is expected to be 1.45 million tons, a 10.7% increase from July, increasing for the second consecutive month to a nine - month high [7]. - According to SPPOMA data, from August 1 - 31, 2025, the yield per unit area of Malaysian palm oil decreased by 4.18% month - on - month, the oil extraction rate increased by 0.29% month - on - month, and production decreased by 2.65% month - on - month. According to MPOA data, the estimated production of Malaysian palm oil from August 1 - 31 increased by 2.07%, with a 1.26% decrease in the Malay Peninsula, a 7.36% increase in Sabah, an 8.14% increase in Sarawak, and a 7.56% increase in East Malaysia. The estimated total production in August was 1.85 million tons [7][8]. - According to ITS data, Malaysia's palm oil export volume from August 1 - 31 was 1,421,486 tons, a 10.2% increase from the same period last month. According to AmSpec data, the export volume was 1,341,990 tons, a 15.37% increase. According to SGS data, the expected export volume was 1,170,043 tons, a 30.53% increase. Indonesia's Bureau of Statistics data shows that from January - July 2025, the export volume of Indonesian crude palm oil and refined palm oil was 13.64 million tons, a 10.95% year - on - year increase [8]. - According to foreign media reports, Indian palm oil imports in August increased by 16% month - on - month to 993,000 tons, reaching the highest level in 13 months; soybean oil imports decreased by 28% month - on - month to 355,000 tons, the lowest level in six months; sunflower oil imports increased by 27% month - on - month to 255,000 tons, the highest level in seven months; total edible oil imports increased by 3.6% month - on - month to 1.6 million tons, the highest level in 13 months [9]. - As of the week ending August 29, 2025, the inventory of the three major oils in key national regions was 2.5069 million tons, an increase of 97,800 tons from the previous week and 397,800 tons from the same period last year. Among them, soybean oil inventory was 1.2388 million tons, an increase of 52,800 tons from the previous week and 144,800 tons from the same period last year; palm oil inventory was 610,100 tons, an increase of 28,000 tons from the previous week and 16,500 tons from the same period last year; rapeseed oil inventory was 658,000 tons, an increase of 17,000 tons from the previous week and 236,600 tons from the same period last year [9]. - As of the week ending September 5, 2025, the average daily trading volume of soybean oil in key national regions was 25,540 tons, compared with 33,760 tons in the previous week; the average daily trading volume of palm oil was 1,756 tons, compared with 1,573 tons in the previous week [9]. 3.3 Industry News - The Planters' Association of Ceylon reiterated its call to lift the palm oil planting ban. The association's chairman said they had submitted a proposal, and the current government had shown a positive attitude, believing that the latest committee appointment would approve the lifting of the ban [11]. - A research institution's commodity research report shows that Malaysia's palm oil production in the 2024/25 season is expected to be revised up to 19.3 million tons, an increase of less than 1% from the previous estimate, with an estimated range of 18.8 - 19.8 million tons, reflecting strong production and good harvesting conditions. The preliminary estimate for Malaysia's palm oil production in the 2025/26 season (October - September next year) is 19.2 million tons [12]. - A research institution's commodity research report shows that Indonesia's palm oil production in the 2024/25 season is expected to be 49.5 million tons, a 1.4% increase from the previous estimate, with an estimated range of 44.5 - 54.5 million tons, due to strong output in the first half of the year. The preliminary estimate for Indonesia's palm oil production in the 2025/26 season (October - September next year) is 49 million tons [12] 3.4 Relevant Charts - The report provides 22 charts, including the price trends of Malaysian palm oil, US soybean oil, and the three major oils' futures and spot prices, as well as the production, inventory, and export volume trends of Malaysian and Indonesian palm oil, and the commercial inventory trends of domestic three major oils [14][15][16]

取 更 多 资 讯 关 注 我 们 获 业 务 咨 询 目录 瑞达期货研究院 「2024.06.06」 棕榈油市场周报 添 加 客 服 研究员 ： 张昕 期货从业资格证号 F03109641 期货投资咨询 从业证书号 Z0018457 联系电话：059586778969 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结」 u 行情回顾：本周棕榈油主力2509合约上涨，收涨0.62%，收报8110元/吨。 u 行情展望：从高频数据来看，MPOA 发布的数据，马来西亚 2025 年 5 月棕榈 油产量较上月增加 3.07%至 174 万吨。同时，机构 SGS统计5月出口环比增加17.9% 、ITS统计出口环比增加29.6%，出 口需求大幅增加以及印度印度下调进口关税导致进口需求走强为棕榈油价格提高支撑 。但增产压 力仍存，库存或延续累库趋势。国内棕榈油消费维持刚需，因端午节假期，周度成交量小幅减少。 整体而言，多空交织下，棕榈油预计维持震荡运行。 u 策略建议：多空交织，震荡运行。 3 来源：瑞达期货研究院 「 期货市场情况」 本周大连棕榈油上涨 4 来源：文华财经 瑞达期货研究院 「 ...

瑞达期货研究院 「2024.05.23」 棕榈油市场周报 添 加 客 服 研究员 ： 张昕 期货从业资格证号 F03109641 期货投资咨询 从业证书号 Z0018457 联系电话：059586778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 u 行情回顾：本周棕榈油主力2509合约上涨，收1.24%，收报7984元/吨。 u 行情展望：从高频数据来看，产地处于增产季，产量数据呈现增加态势，库存状态预计持续改善。 机构SPPOMA数据显示， 5月1-20日马来西亚棕榈油产量增加 3.72% 。同时出口需求有回暖迹象， 机构 SGS统计环比增13.73% 、ITS统计环比增5.25% 。从国内情况来看 ，进口成本略有下降，棕榈 油消费维持刚需，下游观望等待合适点位，周度成交量略有增加。综合来看，棕榈油在供应持续 恢复背景下预计震荡偏弱运行。后期关注产地产量、库存以及进出口需求情况。 「 期货市场情况」 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结」 u 策略建议：供应增加，逢高短空。 3 来源：瑞达期货研究院 本周大连棕榈油上涨 图1、大连棕榈油期货价 ...

瑞达期货研究院 联系电话：059586778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结」 「2024.05.16」 棕榈油市场周报 添 加 客 服 研究员 ： 张昕 期货从业资格证号 F03109641 期货投资咨询 从业证书号 Z0018457 u 策略建议：产量缓慢恢复，警惕价格回落风险。 3 来源：瑞达期货研究院 u 行情回顾：本周棕榈油主力2509合约上涨，收1.24%，收报7984元/吨。 u 行情展望：在主产区天气良好、产量持续增长的背景下，马来西亚棕榈油局（MPOB）发布的4月 供需报告显示，马来西亚棕榈油出口增幅低于预期，期末库存上升，对棕榈油盘面形成压制。然 而，印尼方面提高了棕榈油的出口专项税，对价格有所支撑。从国内情况来看 ，外商报价回升， 进口成本上升，进口利润下降，棕榈油消费维持刚需，下游观望为主，周度成交量减少。综合来 看，棕榈油在季节性增产的压力下预计偏弱运行。后期关注产地产量、库存以及进出口需求情况。 「 期货市场情况」 本周大连棕榈油上涨 图1、大连棕榈油期货价格走势图 u ...