Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints The report provides a comprehensive overview of the overnight and spot market conditions for various commodities, including palm oil, crude oil, soybeans, and related products. It also presents important fundamental information such as weather conditions in major crop - producing regions, international and domestic supply - demand situations, and relevant economic and policy news. These factors collectively influence the market trends of the commodities [1][2][4]. 3. Summary by Directory 3.1 Overnight Market Conditions - **Commodity Futures**: The closing prices and daily/overnight percentage changes of various commodity futures are presented. For example, the closing price of BMD March palm oil is 4035.00, with a previous - day decline of 0.02%. Brent March crude oil on ICE closed at 61.84, down 0.13% from the previous day and 0.23% overnight [1]. - **Currency Exchange Rates**: The latest exchange rates and their percentage changes are given. The US dollar index is at 97.95, up 0.01%. The CNY/USD exchange rate is 7.0471, down 0.07% [1]. 3.2 Spot Market Conditions - **Futures - Spot Price Relationship**: The spot prices, basis, and basis changes of DCE palm oil 2605, DCE豆油 2605, and DCE豆粕 2605 in different regions are provided. For example, the spot price of DCE palm oil 2605 in North China is 8600, with a basis of 90 and a basis change of - 20 [2]. - **Imported Soybean Quotes**: The CNF premiums and quotes for imported soybeans from different regions are presented. The CNF premium for Brazilian soybeans is 150 cents per bushel, and the CNF quote is 446 dollars per ton [2]. 3.3 Important Fundamental Information - **Weather Conditions in Producing Areas** - **Brazil**: Weather conditions in most soybean - producing areas are generally favorable for crops, although some regions may face flood risks, and a lack of rainfall in certain areas is a concern [4]. - **Argentina**: Soil moisture in most soybean - producing areas is suitable for soybean growth, and upcoming fronts will bring precipitation [4]. - **International Supply - Demand** - **Palm Oil**: Malaysia's palm oil production from December 1 - 20 decreased by 7.44%. Indonesia's actions against illegal palm oil enterprises may disrupt production and increase global prices [6]. - **Soybeans**: Argentina's soybean sales data for the 2024/25 and 2025/26 seasons are reported, along with the procurement by local oil mills and the export industry [8]. - **Freight Index**: The Baltic Dry Index decreased slightly but had the largest annual increase since 2016. Different types of ships' freight indices and daily earnings changes are provided [9]. - **Domestic Supply - Demand** - **Oil and Meal**: On December 24, the total trading volume of soybean oil and palm oil decreased, while the trading volume of soybean meal increased. The national average oil - mill operating rate rose [11]. - **Agricultural Product Prices**: The "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket Product Wholesale Price Index" decreased. The average prices of pork and eggs also declined [11]. - **International Economic Data** - **Interest Rate Expectations**: The probability of the Fed cutting interest rates in January and March 2026 is presented [12]. - **Unemployment and Mortgage Rates**: The US initial jobless claims for the week ending December 20 were 21.4 million, lower than expected. The 30 - year fixed - mortgage rate decreased [12]. - **Data Release Delay**: Due to the US federal government holiday, the release of EIA's crude oil and natural gas inventory data was postponed [12]. - **Domestic News** - **Exchange Rate**: On December 24, the USD/CNY exchange rate decreased, indicating RMB appreciation [14]. - **Monetary Policy**: The central bank carried out 260 billion yuan of 7 - day reverse repurchase operations on December 24, resulting in a net withdrawal of 208 billion yuan. On December 25, it will conduct 4000 billion yuan of 1 - year MLF operations [14]. 3.4 Fund Flows On December 24, 2025, the futures market had a net inflow of 205.42 billion yuan. Commodity futures had a net inflow of 63.14 billion yuan, with different sub - sectors having different net inflow/outflow situations. Stock index futures had a net inflow of 141.68 billion yuan, and treasury bond futures had a net inflow of 0.86 billion yuan [17]. 3.5 Arbitrage Tracking There is no specific content provided in the report for this section.

Report Title - Palm Oil Weekly Report [1] Report Date - November 24, 2025 [3] Investment Rating - Not provided Core Views - Last week, BMD Malaysian palm oil main contract dropped 57 to close at 4,068 ringgit/ton, a decline of 1.38%; palm oil 01 contract fell 94 to close at 8,550 yuan/ton, a decline of 1.09%; soybean oil 01 contract dropped 66 to close at 8,190 yuan/ton, a decline of 0.8%; rapeseed oil 01 contract fell 107 to close at 9,816 yuan/ton, a decline of 1.08%; CBOT soybean oil main contract rose 0.13 to close at 50.61 cents/pound, an increase of 0.26%; ICE canola active contract dropped 3.9 to close at 641.8 Canadian dollars/ton, a decline of 0.6% [4][6]. - The expectation of US biodiesel policy fluctuated, causing the oil and fat sector to rise and then fall during the week; the export demand for palm oil at the origin was weak, the inventory accumulation expectation was strengthened, the supply tended to be loose, the origin quotation was lowered, the domestic inventory continued to increase, and the futures price broke through the support on Friday night, so palm oil was running weakly. The rapeseed oil inventory was accelerating to decline, the China-Canada relationship was still uncertain, the arrival of Australian rapeseeds to the port to some extent alleviated the tight supply expectation, but the relatively small arrival volume compared with the same period last year still provided support [4][6]. - Macroeconomically, the path of US interest rate cuts in December was unclear, the US dollar liquidity continued to tighten, the panic sentiment in the US stock market intensified, the US dollar index tested the 100 mark; the oil price was fluctuating weakly. Fundamentally, the fluctuating expectation of US biodiesel policy intensified market volatility; the weak export demand for palm oil at the origin led to a lower quotation, the inventory accumulation expectation was strengthened, and combined with the weakening of international oil prices, palm oil weakened again. It is expected that palm oil will fluctuate weakly in the short term [4][9]. Summary by Directory 1. Market Data - From November 14 to November 21, CBOT soybean oil main contract rose 0.13 to 50.61 cents/pound, an increase of 0.26%; BMD Malaysian palm oil main contract dropped 57 to 4,068 ringgit/ton, a decline of 1.38%; DCE palm oil dropped 94 to 8,550 yuan/ton, a decline of 1.09%; DCE soybean oil dropped 66 to 8,190 yuan/ton, a decline of 0.8%; CZCE rapeseed oil dropped 107 to 9,816 yuan/ton, a decline of 1.08%. The futures price difference between soybean oil and palm oil increased by 28 to -360 yuan/ton, and the futures price difference between rapeseed oil and palm oil decreased by 13 to 1,266 yuan/ton. The spot prices of 24-degree palm oil in Guangzhou, first-grade soybean oil in Rizhao, and imported third-grade rapeseed oil in Jiangsu Zhangjiagang all decreased by 120 yuan/ton, with declines of 1.40%, 1.42%, and 1.17% respectively [5]. 2. Market Analysis and Outlook - From November 1 - 15, 2025, the yield per unit area of Malaysian palm oil increased by 1.82% month-on-month, the oil extraction rate increased by 0.43% month-on-month, and the output increased by 4.09% month-on-month. From November 1 - 20, the palm oil export volume of Malaysia decreased by 20.5%, 14.1%, and 44.9% respectively according to different survey agencies [7]. - A new market year is expected to see a nearly 20% rebound in India's palm oil imports to 9.3 million tons, and the total edible oil imports are expected to rise to a record 16.5 - 17 million tons. As of the end of October 2025, India's vegetable oil inventory decreased by 700,000 tons year-on-year [8]. - As of the week of November 14, 2025, the total inventory of the three major oils in key regions across the country was 2.223 million tons, an increase of 18,300 tons from the previous week and 225,900 tons from the same period last year. Among them, the soybean oil inventory was 1.1485 million tons, a decrease of 8,700 tons from the previous week and an increase of 70,400 tons from the same period last year; the palm oil inventory was 653,200 tons, an increase of 55,900 tons from the previous week and 122,100 tons from the same period last year; the rapeseed oil inventory was 421,300 tons, a decrease of 28,900 tons from the previous week and an increase of 33,400 tons from the same period last year. As of the week of November 21, 2025, the weekly average daily trading volume of soybean oil in key regions across the country was 21,180 tons, and that of palm oil was 1,600 tons [9]. 3. Industry News - Malaysia set the reference price of palm oil in December at 4,206.38 ringgit/ton, with an export tax rate of 10.0%, and the reference price in November was 4,262.23 ringgit/ton [10]. - Sarawak Oil Palms Berhad in Malaysia aims to maximize the output of its existing plantations. It has 1.62 million hectares of oil palm plantations, accounting for 29% of Malaysia's total oil palm planting area, but its output only accounts for 21.6% of Malaysia's palm oil output. The company's production target this year is a 5% year-on-year increase, and it replants 4,000 - 6,000 hectares annually with a goal to complete a full replanting cycle in 15 years [10]. 4. Related Charts - The report includes charts on the price trends of Malaysian palm oil, US soybean oil, three major oils, palm oil, soybean oil, and rapeseed oil in both futures and spot markets, as well as the price differences, import profits, and monthly production, inventory, and export volume of palm oil in Malaysia and Indonesia, and the commercial inventory of domestic three major oils [11][13][15][17][19][21][24][25][26][27][28][31][34][37][38][39][41][43][45][47][48]

South Korea’s Posco To Buy Indonesian Tycoon Putera Sampoerna’s Palm Oil Business For $885 Million https://t.co/2TztJfpOaD ...

Indonesia’s Sampoerna family has agreed to sell its 65.7% stake in palm oil unit Sampoerna Agro to AGPA for an undisclosed sum https://t.co/W9mXV6q9SQ ...

Palm oil producers are looking to capitalize on Malaysia's data center boom by turning plantations into industrial parks and solar farms https://t.co/YgAkVK5fGW ...

Company Insights - AMD is projecting annual revenue growth exceeding 35% and approximately 80% growth in data-center AI over the next three to five years, with a target of earnings per share greater than $20 and a focus on competing in the $1 trillion AI chip market [2][11] - Bill Holdings is exploring various strategic alternatives, including a potential sale, amid pressure from activist investor Starboard [4][11] Industry Trends - The global commodities market is anticipating significant shifts in palm oil supply due to Indonesia's planned increase of its biodiesel blend to B50 next year, which is expected to tighten global supply and potentially drive prices towards 5,000 Ringgit a ton [3][11] - The industrial metals sector is experiencing strong performance, with aluminum prices reaching a one-year high in Shanghai, driven by record trading volumes and supply curbs, as well as demand from the renewables sector and AI-driven power infrastructure [5][11] - LG Energy Solution and South8 have partnered to develop advanced aerospace batteries, indicating ongoing innovation in high-performance energy storage technologies [6][11] Economic Indicators - Japan's manufacturers' sentiment has surged to its highest level in nearly four years, signaling potential strengthening in the manufacturing sector, alongside government support for companies pursuing rare earth interests [7]

Core Insights - The financial sector has provided over $425 billion in financing to companies contributing to deforestation over the past decade, with $72 billion allocated in the last 18 months alone [1][2] - The increase in lending to forest-risk commodity companies has coincided with significant deforestation, with a record loss of 6.7 million hectares of tropical and boreal forests last year [3] - Major banks, particularly Banco do Brasil, are leading in financing these sectors, with nearly $8 billion provided in the first nine months of this year [4] - Asset managers have increased their investments in forest-risk commodities by $7.8 billion over the past decade, totaling approximately $33 billion by the end of September [5][6] - The report calls for regulatory changes to prevent banks and investors from profiting from deforestation and human rights violations [7][8]

Core Insights - Golden Agri-Resources Limited is a leading global producer of palm oil, operating large-scale plantations and mills across Indonesia [1] - The company has a market capitalization of US$3,254 million [1] Company Performance - The company's Profitable Growth rank improved to 7 from the previous period's 8, indicating a positive trend but still below average compared to 540 large Consumer Staples companies globally [5] - The Profitability rank is 7, which is worse than its Growth rank of 5, showing that while growth is improving, profitability remains a concern [5] - The Growth rank improved to 5 from the prior period's 6, reflecting average performance compared to peers [5]

Asian food titan Wilmar said the Indonesian Supreme Court quashed the acquittals of three major palm oil groups in an export case, months after the company was forced to hand over 11.9 trillion rupiah (about $729 million at the time) as a security deposit https://t.co/U2uUe1Usf1 ...

Core Points - The EU and Indonesia have finalized a free-trade agreement that includes zero tariffs on palm oil exports from Indonesia, which is seen as a significant development for both economies [1][3] - The agreement also removes duties on certain EU agri-food products, receiving support from EU farming lobby groups Copa and Cogeca [1] Trade Agreement Details - The Comprehensive Economic Partnership Agreement (CEPA) includes a protocol aimed at promoting sustainable palm oil trade [3] - The agreement establishes a dialogue platform for regulatory developments relevant to the palm oil sector and aims to enhance cooperation on sustainability issues [4] Criticism and Concerns - The zero-tariff rate on Indonesian palm oil has faced criticism, particularly regarding the defined quota under which it applies, as EU tariffs on palm oil can reach up to 12.8% [2] - Eddy Martono, chairman of the Indonesian Palm Oil Association, expressed concerns that the EU's planned deforestation regulations (EUDR) could undermine the benefits of the zero tariffs if not fulfilled [4][5] EUDR Implementation Delays - The EUDR, which requires companies to prove their supply chains are free from deforestation-related impacts, has faced delays, with the latest implementation date pushed back by another year [6][7] - The European Commission's decision to delay the EUDR has drawn criticism from NGOs focused on forest protection, highlighting potential negative implications for the agreement with Indonesia [7]