Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - Short - term, the oil market is expected to start a high - level correction due to factors such as the approaching final contract - changing period and profit - taking after recent price increases, but the correction amplitude is expected to be limited [5][6][9][11] Summary by Directory Part 1: Data Analysis - **Spot Prices and Basis**: For soybean oil, the 2601 closing price was 8526 with a rise of 10; palm oil's 2601 closing price was 9640 with a rise of 56; and rapeseed oil's 2601 closing price was 9850 with a rise of 24. The basis of each variety in different regions had different changes [3] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread of soybean oil was 320 with a fall of 62; for palm oil, it was 308 with a rise of 8; and for rapeseed oil, it was 151 with a rise of 5 [3] - **Cross - Variety Spreads**: The 01 - contract Y - P spread was - 1114 with a fall of 46; the OI - Y spread was 1324; the OI - P spread was 210 with a fall of 32; and the oil - meal ratio was 2.70 with a fall of 0.002 [3] - **Import Profits**: The盘面 profit of 24 - degree palm oil from Malaysia and Indonesia was - 119, and the盘面 profit of Rotterdam's crude rapeseed oil was - 533 [3] - **Weekly Commercial Oil Inventories (2025, Week 33)**: The soybean oil inventory was 60.0 tons, the palm oil inventory was 61.7 tons, and the rapeseed oil inventory was 66.0 tons. Compared with last week and the same period last year, the inventories had different changes [3] Part 2: Fundamental Analysis - **International Market**: The Malaysian Palm Oil Council (MPOC) stated that supported by biodiesel demand, tightening soybean oil supply, and a slowdown in palm oil supply growth, Malaysian palm oil prices are expected to remain above 4300 ringgit. The price strength depends on palm oil's competitiveness against soybean oil in the export market [5] - **Domestic Market (P/Y/OI)**: - **Palm Oil**: As of August 15, 2025 (Week 33), the national key - area palm oil commercial inventory was 61.73 tons, a 2.92% increase from last week. The origin quotation increased, and the import profit inversion widened. The spot market changed little, and the basis was stable. Short - term, the palm oil price may correct, and holders of long positions can consider partial profit - taking and partial holding [5] - **Soybean Oil**: Last week, the actual soybean crushing volume of oil mills was 233.9 tons, and the operating rate was 65.75%. As of August 15, 2025, the national key - area soybean oil commercial inventory was 114.27 tons, a 0.44% increase from last week. The basis was stable. Short - term, the oil price may correct, and soybean oil will be more resistant to the decline. The YP01 may rebound in the short term [6] - **Rapeseed Oil**: Last week, the rapeseed crushing volume of major coastal oil mills was 4.48 tons, and the operating rate was 11.94%. As of August 15, 2025, the coastal rapeseed oil inventory was 66 tons, a decrease of 1.2 tons from last week. The European rapeseed oil FOB quotation increased, and the import profit inversion widened. The spot market was weak, and the domestic rapeseed oil basis was stable with a slight decline. Short - term, policy disturbances are frequent, and the price will maintain a wide - range shock [9] Part 3: Trading Strategies - **Single - Side Strategy**: Short - term, the oil price is expected to correct at a high level, but the correction amplitude is limited. Holders of long positions can consider partial profit - taking and partial holding, and those without positions can consider short - selling or waiting patiently for the correction and then going long at a low price [11] - **Arbitrage Strategy**: The YP01 may rebound in the short term, and holders of YP narrowing positions can consider partial profit - taking and partial holding; the P15 can be considered to be widened after the correction [11] - **Option Strategy**: Wait and see [12] Part 4: Related Attachments - The report provides multiple charts, including the spot basis of East China's first - grade soybean oil, South China's 24 - degree palm oil, and East China's third - grade rapeseed oil, as well as the monthly spreads and cross - variety spreads of different oil products [15][18]