| 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 | ...

【油脂周报20251121】马棕高频数据与美生柴共振，施压油脂盘 TET 日期:2025-11-24 ZHESHANG FUTURES 【油脂周报20251121】马棕高频数据与美生柴共振，施压油脂盘面 | * 观点: 棕榈油 下跌空间有限，在[8300]价位存在支撑 | | * 观点 | | --- | --- | --- | | * 合约: p2601 | | | | 장 | 逻辑： | 전 逻辑 | | 同期较低水平，叠加印尼生物柴油目标仍有提升预期，棕榈油中期略 | | 사람들 | | 局偏强。国内库存累至历年中性偏高位置，且近月买船有所恢复，但 | | 十美豆偏 | | 消费维持清淡格局，供需相对贲松。 | | 美贸易关 | | 整体来看,近期贸易及生柴消息抗动,油脂波动剧烈。中长期来看, | | 际关于 | | 东南亚棕榈油偏紧格局持续，叠加生柴政策支撑油脂重心，棕榈油偏 | | 整体天 | | 强看待为主。后续关注MPOB及GAPKI报告，国内进口及库存情况。 | | 向以可信 | | | | 政策、国 | | 产业链操作建议 | 场外报价 | | | | | 产中 | | 现货的口 | 参与用 ...

Morning session notice 早盘提示 | | | 研究员： 刘锦 从业资格：F0276812 交易咨询资格：Z0011862 联系方式：13633849418 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 11 月 21 日，美豆油生柴政策反复，印度进口棕榈油数据拉胯，棕榈油破位下跌拖 | | | | | 累连盘植物油整体回落。 | | | | | 豆油主力合约Y2601合约报收于8190元/吨，按收盘价日环下跌0.41%，日减仓20453 | | | | | 手； | | | | | 豆油次主力合约 Y2605 合约报收于 7982 元/吨，按收盘价日环比下跌 0.84%，日增 | | | | | 仓 14567 手; | | | | | 棕榈油主力合约 P2601 合约收盘价 8550 元/吨，按收盘价日环比下跌 1.11%，日增 | | | | | 仓 9248 手； | | | | | 棕榈油次主力合约 P2605 报收于 8668 元/吨，按收盘价日环比下跌 1.19%，日减仓 | | | | ...

证券代码：839979 油脂早报 2025-11-21投资咨询部 分析师: 王明伟 从业资格号： F0283029 投资咨询号： Z0010442 TEL: 0575-85226759 每日观点 豆油 1.基本面：MPOB报告显示，MPOB月报显示马棕8月产量环比减少9.8%至162万吨，出口环比减少14.74%至 149万吨，月末库存环比减少2.6%至183万吨。报告中性，减产不及预期。目前船调机构显示本月目前马 棕出口数据环比增加4%，后续进入减产季，棕榈油供应上压力减小。中性 2.基差：豆油现货8422，基差198，现货升水期货。偏多 3.库存：9月22日豆油商业库存118万吨，前116万吨，环比+2万吨，同比+11.7% 。偏空 4.盘面：期价运行在20日均线下，20日均线朝下。偏空 5.主力持仓：豆油主力多增。偏多 6.预期：油脂价格震荡整理，国内基本面宽松，国内油脂供应稳定。中美关系僵持，美豆新豆出口受挫， 价格承压。马棕库存偏中性，需求有所好转，印尼B40促进国内消费，26年预计实施B50计划。国内油脂 基本面偏中性，进口库存稳定。豆油Y2601：8000-8400附近区间震荡 每日观点 棕榈油 ...

粮油批发价格基本平稳，其中大米、菜籽油均与前一周基本持平，豆油、花生油分别下降0.2%和 0.1%，面粉上涨0.2%。 商务大数据显示，11月10日至16日，全国食用农产品市场价格与前一周（环比，下同）持平。 30种蔬菜平均批发价格每公斤5.67元，下降0.4%，其中菜花、油菜、西兰花分别下降7.8%、7.6%和 4.9%。 水产品批发价格略有下降，其中鲫鱼、鲢鱼、草鱼分别下降1.4%、0.5%和0.1%。 6种水果平均批发价格小幅上涨，其中西瓜、葡萄、梨分别上涨3.7%、1.0%和0.2%。 禽产品批发价格略有波动，其中鸡蛋下降0.3%，白条鸡上涨0.2%。 肉类批发价格小幅波动，其中猪肉每公斤18.42元，下降1.0%，牛肉与前一周持平，羊肉上涨0.3%。 ...

| 品种 | 零售价格 | 环比 | 同比 | | | --- | --- | --- | --- | --- | | | （元/公斤、升） | （%） | （%） | | | 粮食 | | | | | | 大米 | 6.56 | 0.0 | 0.2 | | | 面粉 | 6.14 | 0.2 | -2.1 | | | 食用油 | | | | | | 豆油 | 12.86 | 0.2 | -1.7 | | | 花生油 | 28.65 | 0.1 | -1.0 | | | 菜籽油 | 16.72 | 0.0 | -2.3 | | | 调和油 | 15.55 | -0.1 | -1.3 | | | 猪肉 | | | | | | 后腿肉 | 26.68 | -0.4 | -14.5 | | | 鸡肉 | | | | | | 白条鸡 | 24.85 | 0.2 | -2.1 | | | 鸡蛋 | | | | | | 鲜鸡蛋 | 10.14 | 0.5 | -14.8 | | | 水产品 | | | | | | 其中：鲤鱼 | 21.43 | 0.5 | -2.8 | | | 鲢鱼 | 22.08 | -0.4 | 2 ...

Group 1: Agricultural Products Market - The national market prices for edible agricultural products remained stable from November 10 to 16, with no change compared to the previous week [1] - Wholesale prices for grains and oils were mostly stable, with rice and rapeseed oil holding steady, while soybean oil and peanut oil decreased by 0.2% and 0.1% respectively, and flour increased by 0.2% [1] - Poultry product prices showed slight fluctuations, with eggs decreasing by 0.3% and white-cut chicken increasing by 0.2% [1] - Meat wholesale prices experienced minor changes, with pork priced at 18.42 yuan per kilogram, down by 1.0%, while beef remained stable and lamb increased by 0.3% [1] - The average wholesale price of 30 types of vegetables was 5.67 yuan per kilogram, down by 0.4%, with cauliflower, rapeseed, and broccoli decreasing by 7.8%, 7.6%, and 4.9% respectively [1] - Wholesale prices for aquatic products slightly declined, with crucian carp, silver carp, and grass carp decreasing by 1.4%, 0.5%, and 0.1% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, grapes, and pears rising by 3.7%, 1.0%, and 0.2% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials predominantly increased, with sulfuric acid and soda ash rising by 4.1% and 0.2% respectively, while polypropylene and methanol decreased by 0.3% and 0.2% [2] - Wholesale prices for refined oil showed a slight recovery, with 0 diesel, 92 gasoline, and 95 gasoline increasing by 1.4%, 1.1%, and 0.9% respectively [2] - Prices of non-ferrous metals experienced slight increases, with aluminum, copper, and zinc rising by 2.0%, 0.9%, and 0.8% respectively [2] - Coal prices continued to rise, with coking coal, thermal coal, and anthracite priced at 1076 yuan, 788 yuan, and 1165 yuan per ton, increasing by 1.7%, 1.2%, and 0.1% respectively [2] - Rubber prices showed a slight rebound, with synthetic rubber and natural rubber increasing by 0.3% and 0.1% respectively [2] - Fertilizer prices saw a slight increase, with compound fertilizer and urea rising by 0.2% and 0.1% respectively [2] - Steel prices remained mostly stable, with rebar and high-speed wire priced at 3320 yuan and 3516 yuan per ton, increasing by 0.2% and 0.1% respectively, while channel steel remained stable and ordinary medium plate and hot-rolled strip decreased by 0.4% [2]

证券代码：839979 油脂早报 分析师: 王明伟 从业资格号： F0283029 投资咨询号： Z0010442 TEL: 0575-85226759 每日观点 豆油 1.基本面：MPOB报告显示，MPOB月报显示马棕8月产量环比减少9.8%至162万吨，出口环比减少14.74%至 149万吨，月末库存环比减少2.6%至183万吨。报告中性，减产不及预期。目前船调机构显示本月目前马 棕出口数据环比增加4%，后续进入减产季，棕榈油供应上压力减小。中性 2.基差：豆油现货8500，基差144，现货升水期货。偏多 3.库存：9月22日豆油商业库存118万吨，前116万吨，环比+2万吨，同比+11.7% 。偏空 4.盘面：期价运行在20日均线上，20日均线朝上。偏多 5.主力持仓：豆油主力多增。偏多 6.预期：油脂价格震荡整理，国内基本面宽松，国内油脂供应稳定。中美关系僵持，美豆新豆出口受挫， 价格承压。马棕库存偏中性，需求有所好转，印尼B40促进国内消费，26年预计实施B50计划。国内油脂 基本面偏中性，进口库存稳定。豆油Y2601：8100-8500附近区间震荡 每日观点 棕榈油 1.基本面：MPOB报告显示， ...

Market Overview - As of November 19, 2025, domestic futures contracts showed mixed performance, with lithium carbonate, industrial silicon, and polysilicon rising over 4%, while soda ash fell over 3% [3][4] - The A-share market experienced a volatile trading session, with the Shanghai Composite Index up 0.18% and the ChiNext Index up 0.25% [6] - The bond market saw a decline across all maturities, with the 30-year contract down 0.41%, reflecting increased market divergence on long-term interest rates [7] Commodity Insights - Palm oil prices increased significantly, reaching a three-week high, while soybean oil also saw a rise, indicating strong demand despite a weak supply outlook for Malaysian palm oil [8][9] - The coal market is under pressure due to concerns over potential supply increases, with the focus on energy production stability during the heating season [11] - Gold and silver futures rose by 2.01% and 3.84% respectively, influenced by recent employment data indicating a decrease in private sector jobs [12][13] Specific Commodity Analysis - Lithium carbonate prices surged by 6.18% due to high demand from the power and storage sectors, although there are concerns about potential supply disruptions from upcoming mine restarts [14] - Industrial silicon and polysilicon contracts rose by 4.57% and 4.63% respectively, driven by reduced production rates in key regions [15] - Soda ash prices fell sharply, with the main contract dropping to a new low, reflecting weak demand and a slowdown in new orders [16] Shipping and Logistics - The European shipping index declined by 2.66%, with a notable drop in freight rates for container shipments, indicating a potential oversupply in the market [19]

菜籽系产业日报 2025-11-19 | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9813 | -61 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2419 | -12 | | 期货市场 | 菜油月间差(1-5):(日,元/吨) | 363 | -64 菜粕月间价差(1-5)(日,元/吨) | 32 | -2 | | | 主力合约持仓量:菜油(日,手) | 243297 | -7957 主力合约持仓量:菜粕(日,手) | 387336 | -23838 | | | 期货前20名持仓:净买单量:菜油(日,手) | -745 | -1497 期货前20名持仓:净买单量:菜粕(日,手) | -16912 | -12632 | | | 仓单数量:菜油(日,张) | 4161 | -1092 仓单数量:菜粕(日,张) | 2000 | -745 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 655.9 | 0.3 期货收盘价 ...