主要食品企业已出现实质性业绩冲击。CJ第一制糖大量从美国、澳大利亚等国采购小麦、大豆等 原料，仅第三季度白糖与食用油原料采购费用就分别达5918亿和5872亿韩元。CJ第一制糖表示汇率每 上升10%，税后利润将减少13.0818亿韩元，其第三季度营业利润同比下降25.6%。乐天Wellfood也披露 汇率每上涨10%将使利润减少35.3亿韩元。 业内担忧，若高汇率持续，年底至明年初可能出现食品价格集中上调。一名行业人士称，大部分原料以 美元结算，企业将不可避免地把成本压力转嫁至终端售价，这将进一步加重消费者负担，并对整体物价 形成传导效应。 （原标题：韩元急贬推高食品企业成本） 韩国《东亚日报》11月18日报道，韩元贬值使高度依赖进口原材料的韩国食品企业成本压力显著加 大。17日首尔外汇市场美元兑韩元收盘价达1458.0韩元，较去年同期上涨超4%。由于国内食品制造业 原料国产化率仅为31.8%，棕榈油、小麦、大豆、原糖等关键原料近70%依赖进口，汇率变动对企业成 本影响尤其敏感。 ...

【国富棕榈油研究周报】马棕出口表现疲软，棕榈油价格下跌 20251124 国富研究 国富研究 2025年11月24日 07:20 上海 油脂油料周度行情 目录 | í | 行情回顾 | | --- | --- | | 1. | BMD 马棕 | | 2. | DCE 棕榈油 | | | 二、产区天气 | | | 1. 棕榈油产区天气 | | ( | 国际供需 | | 1. | 马棕11月预测 | | 2. | 其他重要资讯 | | 四、 | 国内供需 7 | | 1 | 中国 10 月棕榈油进口 . | | 2. | 进口利润 | | 3. | 棕榈油成交 | | 4. | 棕榈油库存 | | 五、 | 国内外油脂期现价格、价差情况 12 | | 1. | 基差、月差、品种差情况 | | 2. | 棕榈油仓单数量和期货持仓量 | | | 3. FOB 报价 | 2公众号 · 国富研究 油脂油料周度行情 一、 行情回顾 1. BMD 马棕 外盘方面,本周BMD 马棕主力切换至 02 合约。截至 11月21 日收盘, BMD 马棕 01 合约收于 4063 令吉/吨,较上周下跌 1.50%; BMD 马棕 02 ...

(文/解红娟 编辑/张广凯） 金龙鱼方面亦同步发声喊冤，直指一审认定事实、适用法律、司法程序及采信证据根本错误，判决广州 益海构成合同诈骗罪的从犯于法无据，据以定罪量刑的观点和事实依法均不能成立。 广州益海是中转仓储方 将时间拨回至2008年。 彼时，云南惠嘉与安徽华文开展棕榈油代理进口业务，其中，安徽华文作为代理方、云南惠嘉作为委托 方，签订了《安徽华文国际经贸股份有限公司代理进口协议》。 协议规定，安徽华文同云南惠嘉指定的国外供应商签订进口合同，按约定云南惠嘉应于进口合同签订后 两日内向安徽华文支付货款总值5%或10%的定金，安徽华文负责对外承兑或付汇，云南惠嘉应在安徽 华文对外承兑或付汇前支付货款余额。 之所以和广州益海扯上关系，是因为棕榈油到港后，会分别中转在云南惠嘉指定的广州益海仓库或第三 方东莞飞亚达等仓库。 因而，2008年到2014年期间，广州益海作为中转仓储方，与安徽华文、云南惠嘉签订《中转协议书》， 负责储存安徽华文代理云南惠嘉进口的棕榈油。 "将仓储中转方作为共犯没有法律和事实依据。"益海（广州）粮油工业有限公司董事长兼总经理房彦江 在日前召开的投资者说明会上"喊冤"。 近日，益海嘉里金 ...

Report Overview - Report Date: November 24, 2025 [3] - Data Sources: Wind, Guantong Research and Consulting Department [5] Market Summary - As of the close on November 24, domestic futures main contracts showed mixed performance. Methanol rose over 3%, glass nearly 3%, and ethylene glycol (EG), corn, cotton yarn, and polysilicon rose over 1%. On the downside, lithium carbonate dropped nearly 3%, low-sulfur fuel oil (LU), liquefied petroleum gas (LPG), and pure benzene fell over 2%, and styrene (EB), coking coal, palm oil, and urea dropped over 1% [5][6]. - Among stock index futures, the CSI 300 index futures (IF) main contract fell 0.13%, the SSE 50 index futures (IH) main contract fell 0.20%, the CSI 500 index futures (IC) main contract rose 0.55%, and the CSI 1000 index futures (IM) main contract rose 0.84%. For treasury bond futures, the 2-year (TS) main contract rose 0.01%, the 5-year (TF) main contract rose 0.03%, the 10-year (T) main contract rose 0.06%, and the 30-year (TL) main contract rose 0.15% [6]. - As of 15:18 on November 24, in terms of capital flow, Shanghai Gold 2602 had an inflow of 1.456 billion yuan, Shanghai Silver 2602 had an inflow of 260 million yuan, and Shanghai Copper 2601 had an inflow of 240 million yuan. In terms of outflows, CSI 1000 2512 had an outflow of 7.289 billion yuan, CSI 500 2512 had an outflow of 4.312 billion yuan, and CSI 300 2512 had an outflow of 2.562 billion yuan [6]. Individual Commodity Analysis Copper - Copper opened low and trended higher, showing a strong oscillation. Data led to increased expectations of interest rate cuts, but with a data vacuum before the next Fed meeting, the uncertainty of rate cut expectations is high, and the market generally believes the probability of no rate cut in December is relatively large, causing the US dollar index to continue to rebound [8]. - Nvidia's strong earnings boosted optimistic expectations for copper downstream demand. Copper concentrate inventories have been accumulating for a week, and the Grasberg mine in Indonesia is expected to resume production in Q2 next year. Refined copper imports decreased month-on-month, but domestic supply is relatively abundant, and SHFE copper inventories have also been accumulating [8]. - The 770th document has not been implemented, causing cautious operations in recycled copper rod enterprises. After the copper price dropped last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, a month-on-month decline of over 10% and a year-on-year decrease of 3.3% [8]. - Overall, the Fed's hawkish and dovish camps are in a stalemate, and the market believes the probability of a rate cut in December is small, suppressing copper prices. Fundamentally, although there is strong support from the expected tight balance of copper mines, the off-season demand and increasing SHFE inventories have weakened market confidence. Short-term copper prices are expected to be under pressure, and attention should be paid to Fed rate cut expectations [10]. Lithium Carbonate - Lithium carbonate opened and trended lower, dropping nearly 3% during the day. As of October 2025, lithium carbonate production was 89,300 tons, with a month-on-month increase of 5,790 tons. As of November 21, the weekly operating rate was 75.34%, 16.04% higher than the same period last year [11]. - In October, China's energy storage battery production was 54.3 GWh, a month-on-month increase of 3.04%. The expected production of lithium iron phosphate in November is 405,600 tons, a month-on-month increase of 2.5%. In October 2025, new energy vehicle production and sales were 1.772 million and 1.715 million respectively, year-on-year increases of 21.1% and 20% [11]. - The market is currently in a situation of strong supply and demand. Although there is news of the resumption of production at the Jiuxiaowo mine, the authenticity is uncertain. Until the actual negative impact is realized, there is support at the bottom of the market [11]. Crude Oil - On November 2, OPEC+ decided to increase production by 137,000 barrels per day in December, the same as the October and November plans, and suspend production increases in Q1 next year. The end of the peak demand season, combined with increased production and exports, has led to a supply surplus in the crude oil market [12][13]. - EIA data shows that refined oil inventories increased more than expected, but due to increased net exports, US crude oil inventories decreased more than expected. US crude oil production is near a record high. Geopolitical tensions in Venezuela and Libya have raised concerns about supply disruptions [12][13]. - The market is worried about crude oil demand due to the end of the consumption peak season, the decline in the US manufacturing index, and the unclear prospects of US interest rate cuts. The supply surplus in the crude oil market has become a consensus, and the risk premium of Russian crude oil has declined. Crude oil prices are expected to oscillate weakly [13]. Asphalt - The asphalt operating rate decreased by 4.2 percentage points to 24.8% last week, lower than the same period last year. The expected production in November is 2.228 million tons, a month-on-month decrease of 454,000 tons (16.9%) and a year-on-year decrease of 274,000 tons (11.0%) [14]. - The operating rates of downstream asphalt industries showed mixed performance. The national asphalt shipments increased by 15.28% to 246,000 tons, at a slightly low level. Asphalt refinery inventory ratios remained flat, near the lowest level in recent years [14]. - With the decline in crude oil prices and the end of road construction in the north, demand is expected to weaken further. With the stable production of some refineries, the asphalt operating rate will increase. Asphalt futures prices are expected to oscillate weakly [14]. PP (Polypropylene) - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the plastic weaving industry, the main downstream of PP, remained flat, and orders decreased slightly compared to last year [16]. - On November 24, new maintenance devices were added, and the PP enterprise operating rate dropped to around 81%. The production ratio of standard-grade PP increased to around 29%. Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years [16]. - New production capacity has been put into operation, and maintenance devices have increased recently. Downstream demand is in the late peak season, and orders are limited. The lack of large-scale purchases and the absence of anti-competition policies have led to limited market support. PP prices are expected to oscillate weakly [16]. Plastic - On November 24, new maintenance devices were added, and the plastic operating rate dropped to around 89%, at a neutral level. As of the week of November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film industry is in the peak season, with stable orders, but the overall downstream operating rate is still at a relatively low level in the same period over the years [17]. - Petrochemical inventory reduction slowed down, and the current inventory is at a moderately high level in the same period over the years. New production capacity has been put into operation recently, and the plastic operating rate has slightly decreased. The agricultural film peak season is ending, and demand in the north is starting to decline [17]. - Downstream purchasing willingness is low, and traders are cautious about the future market. Without anti-competition policies, and with the supply-demand pattern unchanged, plastic prices are expected to oscillate weakly in the near term [17][19]. PVC (Polyvinyl Chloride) - The price of calcium carbide in the northwest region increased by 25 yuan/ton. The PVC operating rate increased slightly to 78.83%, still at a relatively high level in the same period over the years. The downstream operating rate continued to decline slightly, remaining at a relatively low level [20]. - India's termination of the BIS policy on PVC and the likely cancellation of anti-dumping duties have alleviated concerns about exports to India, and export orders increased last week. Social inventories increased slightly last week and remain high, indicating significant inventory pressure [20]. - In 2025, the real estate market is still in adjustment, and the improvement of the real estate market requires time. With positive chlor-alkali comprehensive profits and new production capacity coming online, the PVC operating rate is higher than in previous years. PVC prices are expected to oscillate weakly recently [20]. Coking Coal - Coking coal opened low and trended higher, with a decline during the day. The spot price in the Shanxi market decreased, and the self-pickup price of Mongolian No. 5 coking coal also decreased [21]. - In October, China's coal imports decreased year-on-year. The utilization rate of coking coal mine production capacity increased slightly. As of November 16, the cumulative import volume of coal at the Ganqimaodu Port was large, and the daily customs clearance vehicles may increase next week [21][22]. - Under the winter coal supply and price stabilization policy, the tight supply expectation is partially offset. Mine inventories have increased significantly, while coke enterprise inventories have decreased. Steel mill operating rates and molten iron production increased this week, but profits are weakening. There is potential bullishness in mine production cuts at the end of the year, so be cautious about potential price rebounds [22]. Urea - The futures price opened low and trended lower, showing a downward oscillation. The spot price of urea increased due to the continuous rebound of futures prices and improved downstream demand, but since the weekend, downstream resistance to high prices has led to weak order receipts and stable prices [23]. - Before the seasonal shutdown of gas-based devices, the daily output of upstream factories is expected to fluctuate above 190,000 tons. The upward trend of coal costs has slowed, and downstream demand needs verification. Last week, demand was strong, and orders were good. Northeast fertilizer preparation has begun, and compound fertilizer factory operating rates have rebounded [23]. - After the price rebound, downstream feedback has been poor, and order receipts have been weak since the weekend. Domestic demand cannot support high prices, and the Indian tender price has not boosted the market. However, exports continue, and there is still demand support from off-season storage and compound fertilizer winter storage. The futures price is expected to oscillate within a narrow range [23].

AmSpec：马来西亚11月1-20日棕榈油出口量为828680吨，较上月同期出口的965066吨减少14.1%。 来源：市场资讯 （来源：南京玛合雅） 一、【市场关注】 1、加拿大谷物委员会发布的数据显示，截至11月16日当周，加拿大油菜籽出口量较前周增加134.8%至 28.46万吨，之前一周为12.12万吨。自2025年8月1日至2025年11月16日，加拿大油菜籽出口量为182.91 万吨，较上一年度同期的356.4万吨减少48.7%。 2、SGS：马来西亚11月1-20日棕榈油出口量为471222吨，较上月同期出口的793571吨减少40.6%。 注：其他关于大豆与豆粕资讯可看公众号第一篇《豆粕晚评》 二、【每日豆油现货报价】 | 市场 | 昌名 | 零报 | 包装方式 | RUARE | 演 | | --- | --- | --- | --- | --- | --- | | ઝ્રિસ | 成品大豆油 | ■ -- 级 | 原流 | 8370 | -20 | | 天津 | 成昌大豆油 | 国际一级 | 散装 | 8360 | -20 | | 北京 | 成品大豆油 | 国标一级 | 散装 | 834 ...

每经AI快讯，11月24日，国内商品期货收盘涨跌不一，甲醇涨超3%，玻璃涨超2%，乙二醇、玉米、淀 粉、棉纱、红枣、多晶硅、纯碱涨超1%。跌幅方面，碳酸锂、LU燃油、液化气、纯苯跌超2%，苯乙 烯、焦煤、棕榈油、沪银、原油跌超1%。 （文章来源：每日经济新闻） ...

| 1.57% | 硅铁 (SF603) | 5472 | 66.40% | 折算价:72硅铁合格块:内蒙-天津仓单 | ટર્ટક | 86 | 184 | 3.28% | 硅罐 (SM601) | 5790 | 5606 | 59.30% | 折算价:6517硅锰:内蒙-湖北仓单 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | HRB40020mm: 上海 | 螺纹钢 (RB2601) | 3220 | 163 | 5.33% | 66.60% | 3057 | 热卷 (HC2601) | 0.00% | 17.90% | 3270 | 3270 | 0 | Q235B: 4.75mm: 上海 | | | | | | 855 | 786 | ୧୦ | 8.79% | 54.20% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12601) | 21 | 1.27% | 1615 | 1 ...

| 投资咨询业务资格:证监许可【2012 84号 | 可能做 | 日時 市 路 参 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发布日期:2025/ | 从业资格号:F02519 | | | | | | | 行业板块 | 趋势研判 | 逻辑观点精粹及策略参考 | 品种 | 当前宏观层面处于相对真空期. A股缺乏明确的上涨主线,市场成 | 交维持低位,预计短期市场分歧将在股指震荡调整中逐步消化, | 農汤 | | 散指 | 待新的驱动主线带来股指进一步上行。 | 天如全部 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | | | | | 国债 | 晉间。 | 美联储12月降息预期降温,铜价回调,但美联储仍处于降息周 | | | | | | 岸汤 | 期,且矿端扰动犹存,预计铜价回调幅度有限。 | 震荡 | 近期产业面驱动有限,而宏观情绪反复,铝价高位震荡运行。 | | | | | 在生产仍有小幅利润情况下,国内氧化铝产能持续释放,氧化铝 | 产量及库存继续双增,基本面维持偏弱格局,近期价格继续围绕 | 氧化铝 | 震荡 | 成本 ...

油脂周报：油脂缺乏利多驱动，盘面整体震荡下跌 研究员：张盼盼 期货从业证号：F03119783 投资咨询证号：Z0022908 第一部分 周度核心要点分析及策略推荐 第二部分 周度数据追踪 GALAXY FUTURES 1 内容摘要 近期核心事件&行情回顾： 1. SPPOMA预计11月1-20日马棕产量环比增加10%，ITS预计11月1-20日马棕出口环比减少20%。 2.美国能源部计划撤销清洁能源示范办公室和能源效率与可再生能源办公室，并新增碳氢化合物和地热能源办 公室以及聚变能源办公室。 目录 3.本周受生柴政策以及高频数据利空等因素影响，油脂震荡偏弱运行。目前马棕逐渐进入减产季，马棕也将逐 渐去库，但预计整体仍处偏高水平，去库速度偏慢，印尼库存持续处于偏低水平，产地报价稳中有增，短期棕 榈油缺乏持续性利多，反弹高度可能有限。目前豆油没有一个比较突出的核心矛盾点，豆油价格更多跟随油脂 整体走势波动，上涨较为乏力，但也更为抗跌。短期国内菜籽供应不足，菜油进口量也较为有限，国内菜油预 计仍是继续去库，对菜油价格仍存在一定支撑。 GALAXY FUTURES 2 国际市场—马棕11月存增产预期，12月出口税率 ...

| 田脂 | *业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年11月24日 | | | | 王凌桂 | Z0019938 | | 臣湘 | | | | | | | | | 11月21日 | 11月20日 | 涨跌 | 涨跌幅 | | 现价 | 江苏一级 | 8470 | 8570 | -100 | -1.17% | | 期价 | Y2601 | 8190 | 8224 | -34 | -0.41% | | 星差 | Y2601 | 280 | 346 | -୧୧ | -19.08% | | 现货墓差报价 | 江苏1月 | 01+270 | 01+270 | 0 | - | | 仓单 | | 24625 | 24627 | -2 | -0.01% | | 棕榈油 | | | | | | | | | 11月21日 | 11月20日 | 涨跌 | 涨跌幅 | | 现价 | 广东24度 | 8470 | 8670 | -200 | -2.31% | | 期价 | P2601 | 8550 | ...