1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Palm oil prices are continuously affected by oil price fluctuations and are operating in a high - level volatile range; soybean oil shows a situation where the driving force of the soybean series is not significant, and the positive effects of RVO have been fully realized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil's day - session closing price was 9,768 yuan/ton with a 1.60% increase, and night - session was 9,692 yuan/ton with a - 0.78% decrease; soybean oil's day - session closing price was 8,688 yuan/ton with a 0.49% increase, and night - session was 8,648 yuan/ton with a - 0.46% decrease; rapeseed oil's day - session closing price was 9,877 yuan/ton with a 0.38% increase, and night - session was 9,762 yuan/ton with a - 1.16% decrease. The closing price of Malaysian palm oil was 4,630 ringgit/ton with a 1.03% increase, and CBOT soybean oil was 67.22 cents/pound with a - 1.18% decrease [2] - **Trading Volume and Open Interest**: Palm oil's trading volume was 348,165 lots with an increase of 26,169 lots, and open interest was 288,414 lots with an increase of 8,470 lots; soybean oil's trading volume was 201,453 lots with an increase of 15,480 lots, and open interest was 537,668 lots with a decrease of 7,724 lots; rapeseed oil's trading volume was 147,326 lots with a decrease of 14,319 lots, and open interest was 213,002 lots with a decrease of 5,414 lots [2] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 9,650 yuan/ton with no change; the spot price of first - grade soybean oil in Guangdong was 9,020 yuan/ton with no change; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,150 yuan/ton with no change; the FOB price of Malaysian palm oil was 1,185 dollars/ton with a 10 - unit increase [2] - **Basis and Spreads**: The basis of palm oil in Guangdong was - 118 yuan/ton; the basis of soybean oil in Guangdong was 332 yuan/ton; the basis of rapeseed oil in Guangxi was 273 yuan/ton. The spread between rapeseed oil and palm oil futures was 109 yuan/ton (previously 226 yuan/ton), the spread between soybean oil and palm oil futures was - 1,080 yuan/ton (previously - 968 yuan/ton), the 5 - 9 spread of palm oil was 44 yuan/ton, the 5 - 9 spread of soybean oil was 58 yuan/ton, and the 5 - 9 spread of rapeseed oil was 97 yuan/ton (previously 102 yuan/ton) [2] 3.2 Macro and Industry News - The EPA has finalized the renewable fuel blending obligations for 2026 and 2027, which are the highest in the program's history. The total renewable fuel obligation in 2026 is 25.82 billion RINs, and in 2027 is 25.98 billion RINs [3] - Malaysia, a major palm oil exporter, is taking measures to ensure fertilizer supply due to the increase in fertilizer prices and domestic supply shortage caused by the Middle East conflict [4] - The Rural Economics Institute of Paraná, Brazil (Deral) expects the soybean crop yield in the state in the 2025/26 season to be 21.89 million tons, lower than the February estimate of 22.12 million tons [4] - The actual soybean crushing volume of domestic oil mills in the 13th week of 2026 (March 21 - 27) was 1.8352 million tons, 0.1553 million tons less than the previous week and 0.1021 million tons lower than the estimated volume, with an actual startup rate of 50.53% [4] - The Iranian Revolutionary Guard launched a devastating drone attack on Israeli military support bases, military transportation centers, and military force assembly areas at Ben - Gurion Airport, which is expected to threaten Israel's supply lines and affect its offensive combat capabilities [5] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Palm oil prices are affected by oil price fluctuations and are expected to fluctuate at a high level; the upward space of soybean oil is limited due to weak drivers from the soybean sector [1] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of palm oil futures (day session) was 9,942 yuan/ton with a daily increase of 2.31%, and the night - session price was 9,588 yuan/ton with a decrease of 3.56%. The closing price of soybean oil futures (day session) was 8,740 yuan/ton with a daily increase of 1.30%, and the night - session price was 8,588 yuan/ton with a decrease of 1.74%. The closing price of rapeseed oil futures (day session) was 9,950 yuan/ton with a daily increase of 0.75%, and the night - session price was 9,770 yuan/ton with a decrease of 1.81%. The price of CBOT soybean oil futures was 65.71 cents/pound with an increase of 0.31% [1] - **Trading Volume and Open Interest**: The trading volume of palm oil futures was 465,152 lots, an increase of 57,742 lots compared to the previous day, and the open interest was 317,752 lots, a decrease of 1,698 lots. The trading volume of soybean oil futures was 270,684 lots, an increase of 44,960 lots, and the open interest was 612,272 lots, an increase of 18,176 lots. The trading volume of rapeseed oil futures was 224,994 lots, an increase of 23,990 lots, and the open interest was 239,709 lots, an increase of 2,276 lots [1] - **Spot Price**: The spot price of 24 - degree palm oil in Guangdong was 9,920 yuan/ton, an increase of 170 yuan/ton; the spot price of first - grade soybean oil in Guangdong was 9,040 yuan/ton, an increase of 100 yuan/ton; the spot price of fourth - grade imported rapeseed oil in Guangxi was 10,220 yuan/ton, an increase of 40 yuan/ton. The FOB price of Malaysian palm oil was 1,215 US dollars/ton, unchanged [1] - **Basis**: The basis of palm oil in Guangdong was - 22 yuan/ton; the basis of soybean oil in Guangdong was 300 yuan/ton; the basis of rapeseed oil in Guangxi was 270 yuan/ton [1] - **Price Spread**: The spread between rapeseed oil and palm oil futures was 8 yuan/ton; the spread between soybean oil and palm oil futures was - 1,202 yuan/ton; the 5 - 9 spread of palm oil was 54 yuan/ton; the 5 - 9 spread of soybean oil was 74 yuan/ton; the 5 - 9 spread of rapeseed oil was 119 yuan/ton [1] 3.2 Macro and Industry News - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 68%, 7 percentage points higher than the previous week but lagging behind 80% in the same period last year [2] - In the first three weeks of March, Brazil exported 9,501,524.99 tons of soybeans, with an average daily export volume of 633,435.00 tons, a 18% decrease compared to the average daily export volume in March last year [3][4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Palm oil is prone to panic at high levels, and investors should guard against callback risks [1] - The driving force of the soybean system for soybean oil is limited, and attention should be paid to the progress of China-US consultations [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,796 yuan/ton during the day session with a 1.07% increase and 9,738 yuan/ton at night with a -0.59% decrease; soybean oil主力 closed at 8,616 yuan/ton during the day session with a 0.89% increase and 8,584 yuan/ton at night with a -0.37% decrease; rapeseed oil主力 closed at 9,854 yuan/ton during the day session with a 0.76% increase and 9,865 yuan/ton at night with a 0.11% increase; Malaysian palm oil主力 closed at 4,612 ringgit/ton with a 1.77% increase; CBOT soybean oil主力 closed at 65.23 cents/pound with a -0.46% decrease [2] - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 491,200 lots with a decrease of 90,211 lots and an open interest of 331,096 lots with a decrease of 1,763 lots; soybean oil主力 had a trading volume of 251,021 lots with a decrease of 29,647 lots and an open interest of 594,494 lots with an increase of 9,710 lots; rapeseed oil主力 had a trading volume of 192,755 lots with a decrease of 5,077 lots and an open interest of 234,514 lots with an increase of 5,030 lots [2] - **Spot Prices**: Palm oil (24 degrees) in Guangdong was priced at 9,870 yuan/ton with a 10 yuan increase; first-grade soybean oil in Guangdong was priced at 8,990 yuan/ton with a 40 yuan increase; fourth-grade imported rapeseed oil in Guangxi was priced at 10,230 yuan/ton with a 110 yuan increase; Malaysian palm oil FOB offshore price was 1,200 US dollars/ton with a 10 US dollars decrease [2] - **Basis**: The basis of palm oil in Guangdong was 74 yuan/ton; the basis of soybean oil in Guangdong was 374 yuan/ton; the basis of rapeseed oil in Guangxi was 376 yuan/ton [2] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 58 yuan/ton; the spread between soybean oil and palm oil futures was -1,180 yuan/ton; the 5 - 9 spread of palm oil was 90 yuan/ton; the 5 - 9 spread of soybean oil was 86 yuan/ton; the 5 - 9 spread of rapeseed oil was 146 yuan/ton [2] Macro and Industry News - According to AmSpec, Malaysia's palm oil exports from March 1 - 20, 2026, were 1,166,586 tons, a 49.6% increase compared to the same period last month [3] - SPPOMA data showed that from March 1 - 15, 2026, Malaysia's palm oil yield per unit area decreased by 2.96% month - on - month, the oil extraction rate decreased by 0.44% month - on - month, and the production decreased by 5.28% month - on - month [4][5] - A study showed that Indonesia's palm oil production in the 2025/26 season is expected to be 51 million tons, with an estimated range of 46 - 56 million tons, a decrease of less than 1% from the previous estimate; Thailand's palm oil production in the 2025/26 season is expected to be 3.82 million tons, the same as the previous estimate, with an estimated range of 3.32 - 4.32 million tons; Malaysia's palm oil production in the 2025/26 season is expected to be 19.6 million tons, the same as the previous estimate, with an estimated range of 19.1 - 20.1 million tons [5] - Abiove expects Brazil's soybean crushing volume in 2026 to reach a record 61.5 million tons, higher than the previous estimate of 61 million tons; Brazil's soybean production in the 2025/26 season is expected to reach 177.85 million tons, up from the previous estimate of 177.12 million tons [5] - The IGC's latest monthly report shows that the global soybean production in the 2026/27 season is expected to increase by 16 million tons year - on - year to 442 million tons, the trade volume to increase by 3 million tons to 190 million tons, the consumption to increase by 12 million tons to 442 million tons, and the ending stocks to increase by 1 million tons to 79 million tons [5] - A farmer survey by Allendale Inc showed that US farmers plan to reduce the corn planting area by 5.2% year - on - year in 2026 and expand the soybean planting area by 5.5% [6] Trend Intensity - The trend intensity of palm oil is -1, and the trend intensity of soybean oil is -1 [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Palm oil has frequent speculation themes and still has a short - term strong gene; soybean oil has limited drivers from the soybean system, and attention should be paid to the Sino - US consultation process [1] - The price outlook of edible oil remains unclear as weak import demand offsets the optimistic expectations of the biodiesel industry [4] 3. Summary by Directory Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,954 yuan/ton (day session) with a - 0.56% change and 9,876 yuan/ton (night session) with a - 0.78% change; soybean oil主力 closed at 8,644 yuan/ton (day session) with a - 0.83% change and 8,622 yuan/ton (night session) with a - 0.25% change; rapeseed oil主力 closed at 9,833 yuan/ton (day session) with a - 1.16% change and 9,814 yuan/ton (night session) with a - 0.19% change; Malaysian palm oil主力 closed at 4,583 ringgit/ton (day session) with a - 1.72% change and 4,591 ringgit/ton (night session) with a 0.22% change; CBOT soybean oil主力 closed at 65.89 cents/pound with a 3.05% change [1] - **Trading Volume and Open Interest**: Palm oil主力 had a trading volume of 566,741 lots with a change of - 251,773 lots and an open interest of 360,226 lots with a change of 560 lots; soybean oil主力 had a trading volume of 310,196 lots with a change of - 53,950 lots and an open interest of 604,521 lots with a change of - 22,619 lots; rapeseed oil主力 had a trading volume of 203,909 lots with a change of - 27,343 lots and an open interest of 233,669 lots with a change of - 11,060 lots [1] - **Spot Prices**: Palm oil (24 - degree) in Guangdong was priced at 9,960 yuan/ton with a - 80 yuan change; first - grade soybean oil in Guangdong was priced at 8,950 yuan/ton with a - 110 yuan change; fourth - grade imported rapeseed oil in Guangxi was priced at 10,150 yuan/ton with a - 140 yuan change; Malaysian palm oil FOB offshore price was 1,220 dollars/ton with a 25 dollars change [1] - **Basis**: Palm oil (Guangdong) had a basis of 6 yuan/ton; soybean oil (Guangdong) had a basis of 306 yuan/ton; rapeseed oil (Guangxi) had a basis of 317 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures主力 was - 121 yuan/ton (previous trading day) compared to - 62 yuan/ton (two trading days ago); the spread between soybean oil and palm oil futures主力 was - 1,310 yuan/ton compared to - 1,294 yuan/ton; the 5 - 9 spread of palm oil was 144 yuan/ton compared to 152 yuan/ton; the 5 - 9 spread of soybean oil was 98 yuan/ton compared to 64 yuan/ton; the 5 - 9 spread of rapeseed oil was 134 yuan/ton compared to 119 yuan/ton [1] Macro and Industry News - International companies suspended some Brazilian soybean exports last week, and the slow progress of Brazilian soybean harvesting has led to concerns about the tightening of imported soybean supply in China from March to April, resulting in a significant increase in soybean meal trading volume [2] - The estimated export volume of Malaysian palm oil from March 1 - 15 was 443,812 tons, a 12.68% increase compared to the same period last month [3][4] - US President Trump has invited farmers and biofuel producers to an "agricultural celebration" at the White House on March 27. The US Environmental Protection Agency has submitted the draft biofuel blending quotas for 2026 and 2027 to the White House, and the final regulations are expected to be released by the end of March [4] - From July 2025 to early March 2026, EU's palm oil imports decreased significantly compared to the same period last year, reflecting a general decline in EU internal consumption. The German Union for the Promotion of Oil and Protein Plants (UFOP) attributes this to the exclusion of palm - based biofuels from the calculation for meeting national quota obligations, which is planned to be implemented in 2030 and has been partially implemented by some member states. However, UFOP warns that the import of palm oil mill effluent (POME) may undermine this regulation. The total EU palm oil imports from July 1, 2025, to March 3, 2026, were about 1.9 million tons, lower than nearly 2 million tons in the same period last year [5] Trend Intensity - Palm oil trend intensity is 1, and soybean oil trend intensity is 0 [6]

Report Industry Investment Rating - Not provided Core Viewpoints - Palm oil may exceed 10,000 due to energy spill - over; soybean oil is supported by US soybean cost and is expected to break through in the short - term [1] Summary by Directory Fundamental Tracking - **Futures Prices**: Palm oil's day - session closing price was 9,218 yuan/ton with a 1.63% increase, and night - session closing price was 9,454 yuan/ton with a 2.56% increase; soybean oil's day - session closing price was 8,412 yuan/ton with a 0.50% increase, and night - session closing price was 8,514 yuan/ton; rapeseed oil's day - session closing price was 9,666 yuan/ton with a 1.87% increase, and night - session closing price was 9,814 yuan/ton with a 1.53% increase. Malaysian palm oil's closing price was 4,365 ringgit/ton with a 3.76% increase, and CBOT soybean oil's closing price was 66.47 cents/pound with a 1.17% increase [2] - **Trading Volume and Open Interest**: Palm oil's trading volume was 529,410 lots with an increase of 12,935 lots, and open interest was 375,530 lots with an increase of 10,859 lots; soybean oil's trading volume was 350,299 lots with an increase of 75,028 lots, and open interest was 668,943 lots with an increase of 9,088 lots; rapeseed oil's trading volume was 228,291 lots with an increase of 60,410 lots, and open interest was 292,389 lots with an increase of 13,493 lots [2] - **Spot Prices**: Palm oil (24 - degree, Guangdong) was 9,200 yuan/ton with a 200 - yuan increase; first - grade soybean oil (Guangdong) was 8,850 yuan/ton with a 70 - yuan increase; fourth - grade imported rapeseed oil (Guangxi) was 10,150 yuan/ton with a 100 - yuan increase; Malaysian palm oil FOB price was 1,100 dollars/ton with a 10 - dollar increase [2] - **Basis**: Palm oil (Guangdong) basis was - 18 yuan/ton; soybean oil (Guangdong) basis was 438 yuan/ton; rapeseed oil (Guangxi) basis was 484 yuan/ton [2] - **Price Spreads**: Rapeseed - palm oil futures spread was 448 yuan/ton; soybean - palm oil futures spread was - 806 yuan/ton; palm oil 5 - 9 spread was 20 yuan/ton; soybean oil 5 - 9 spread was 48 yuan/ton; rapeseed oil 5 - 9 spread was 105 yuan/ton [2] Macro and Industry News - On March 10, Malaysia's March 1 - 10 ITS, Amspec, SGS palm oil export volume data will be released; at 12:30 on March 10, the February MPOB Malaysia palm oil supply - demand report will be released; at 00:00 on March 11, the USDA supply - demand report will be released [3] Crop Insurance Prices - The 2026 federal crop insurance spring prices for corn, soybeans, and spring wheat have been finalized. Corn price is $4.62 per bushel, a decrease of 8 cents from the previous year; soybean price is $11.09 per bushel, a 55% increase from 2025; spring wheat price is $6.19 per bushel, a decrease of 36 cents year - on - year [5] Soybean Harvest Progress - As of the week of March 6, the soybean harvest progress in Mato Grosso state for the 2025/26 season has reached 89.15% of the sown area, exceeding the five - year average of 81.99%. The single - week harvest progress advanced 10.81 percentage points [5] Trend Intensity - Palm oil trend intensity is 2; soybean oil trend intensity is 1 [6]

Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the price and cumulative percentage change of various commodities, stock market indices, and other important indicators during the Spring Festival holiday in the overseas market [2] Summaries by Related Catalogs Commodities - NYMEX crude oil closed at $66.31 on February 20, with a cumulative increase of 5.57% during the holiday [2] - NYMEX natural gas closed at $2.99 on February 20, with a cumulative decrease of 6.41% during the holiday [2] - COMEX gold closed at $5130.00 on February 20, with a cumulative increase of 1.31% during the holiday [2] - COMEX silver closed at $84.57 on February 20, with a cumulative increase of 9.45% during the holiday [2] - LME copper closed at $12964.00 on February 20, with a cumulative increase of 0.25% during the holiday [2] - LME zinc closed at $3382.50 on February 20, with a cumulative increase of 1.20% during the holiday [2] - LME nickel closed at $17435.00 on February 20, with a cumulative increase of 2.59% during the holiday [2] - LME aluminum closed at $3102.50 on February 20, with a cumulative increase of 0.39% during the holiday [2] - LME tin closed at $46559.00 on February 20, with a cumulative decrease of 0.62% during the holiday [2] - LME lead closed at $1965.00 on February 20, with a cumulative decrease of 0.35% during the holiday [2] - TSI iron ore CFR China (62% iron powder) closed at $95.30 on February 20, with a cumulative decrease of 1.60% during the holiday [2] - CBOT soybeans closed at $1153.75 on February 20, with a cumulative increase of 1.67% during the holiday [2] - CBOT corn closed at $428.00 on February 20, with a cumulative decrease of 0.87% during the holiday [2] - CBOT soybean oil closed at $59.34 on February 20, with a cumulative increase of 3.80% during the holiday [2] - CBOT soybean meal closed at $314.20 on February 20, with a cumulative increase of 1.58% during the holiday [2] - CBOT wheat closed at $581.75 on February 20, with a cumulative increase of 5.97% during the holiday [2] - CBOT rice closed at $10.52 on February 20, with a cumulative decrease of 4.54% during the holiday [2] - ICE 11 - sugar closed at $13.86 on February 20, with a cumulative increase of 2.29% during the holiday [2] - ICE 2 - cotton closed at $65.55 on February 20, with a cumulative increase of 2.13% during the holiday [2] Stock Market - The S&P 500 closed at 6909.51 on February 20, with a cumulative increase of 1.07% during the holiday [2] - The Nasdaq Index closed at 22886.07 on February 20, with a cumulative increase of 1.51% during the holiday [2] - The UK FTSE 100 closed at 10686.89 on February 20, with a cumulative increase of 2.30% during the holiday [2] - The French CAC40 closed at 8515.49 on February 20, with a cumulative increase of 2.45% during the holiday [2] - The German DAX closed at 25260.69 on February 20, with a cumulative increase of 1.39% during the holiday [2] - The Nikkei 225 closed at 56825.70 on February 20, with a cumulative decrease of 0.20% during the holiday [2] - The Hang Seng Index closed at 26413.35 on February 20, with a cumulative decrease of 0.58% during the holiday [2] Other Important Indicators - The US dollar index closed at 97.74 on February 20, with a cumulative increase of 0.91% during the holiday [2]

Group 1: Core Data 1. Average price change in the last five years - NYMEX crude oil: 2.01% [2] - NYMEX natural gas: -3.73% [2] - COMEX gold: 0.15% [2] - COMEX silver: 2.23% [2] - LME copper: 1.77% [2] - LME zinc: 1.05% [2] - LME nickel: 1.02% [2] - LME aluminum: 0.99% [2] - LME tin: 3.65% [2] - LME lead: 1.13% [2] - CBOT soybeans: 1.83% [2] - CBOT corn: 0.20% [2] - CBOT soybean oil: -0.59% [2] - CBOT soybean meal: 2.78% [2] - CBOT wheat: 0.60% [2] - CBOT rice: -1.32% [2] - ICE No. 11 sugar: -0.04% [2] - ICE No. 2 cotton: 2.45% [2] - S&P 500: 1.03% [2] - US dollar index: -0.12% [2] - CRB commodity index: 1.30% [2] - BDI: 6.93% [2] 2. Average price change in the last ten years - NYMEX crude oil: 0.01% [2] - NYMEX natural gas: -3.23% [2] - COMEX gold: 0.82% [2] - COMEX silver: 1.95% [2] - LME copper: 0.00% [2] - LME zinc: 0.11% [2] - LME nickel: 0.44% [2] - LME aluminum: 0.27% [2] - LME tin: 1.70% [2] - LME lead: 0.53% [2] - CBOT soybeans: 0.61% [2] - CBOT corn: -0.19% [2] - CBOT soybean oil: -0.43% [2] - CBOT soybean meal: 0.81% [2] - CBOT wheat: -0.53% [2] - CBOT rice: -1.71% [2] - ICE No. 11 sugar: -0.07% [2] - ICE No. 2 cotton: 1.28% [2] - S&P 500: 0.08% [2] - US dollar index: -0.03% [2] - CRB commodity index: 0.01% [2] - BDI: 0.67% [2] 3. Annual price change from 2016 - 2025 - NYMEX crude oil: 1.16% (2016), -0.13% (2017), 1.19% (2018), -4.80% (2019), -7.31% (2020), 5.70% (2021), 5.30% (2022), -2.83% (2023), 2.33% (2024), -0.48% (2025) [2] - NYMEX natural gas: -1.50% (2016), -5.11% (2017), 0.87% (2018), -4.21% (2019), -3.71% (2020), 8.77% (2021), -2.88% (2022), -8.97% (2023), -15.01% (2024), -0.56% (2025) [2] - COMEX gold: 5.49% (2016), 2.24% (2017), -1.99% (2018), -0.29% (2019), 2.00% (2020), -3.75% (2021), 0.92% (2022), -0.01% (2023), -1.18% (2024), 4.78% (2025) [2] - COMEX silver: 5.06% (2016), 4.14% (2017), -1.72% (2018), -0.53% (2019), 1.35% (2020), 1.29% (2021), 0.13% (2022), -1.39% (2023), 3.60% (2024), 7.54% (2025) [2] - LME copper: -2.71% (2016), 0.97% (2017), -0.38% (2018), 0.98% (2019), -7.72% (2020), 1.66% (2021), 3.99% (2022), -0.77% (2023), 2.99% (2024), 0.96% (2025) [2] - LME zinc: 1.83% (2016), 3.29% (2017), -0.91% (2018), -2.14% (2019), -6.24% (2020), 2.97% (2021), -0.14% (2022), 0.75% (2023), 2.58% (2024), -0.88% (2025) [2] - LME nickel: -4.50% (2016), 10.59% (2017), -1.43% (2018), -0.75% (2019), -4.55% (2020), 0.32% (2021), 3.34% (2022), 1.26% (2023), 1.62% (2024), -1.45% (2025) [2] - LME aluminum: -0.13% (2016), 0.80% (2017), 0.91% (2018), 0.16% (2019), -3.93% (2020), 2.13% (2021), 0.88% (2022), 1.45% (2023), -0.31% (2024), 0.79% (2025) [2] - LME tin: 1.82% (2016), -0.55% (2017), 0.16% (2018), 0.89% (2019), -3.61% (2020), 5.25% (2021), 3.36% (2022), 3.52% (2023), 3.85% (2024), 2.28% (2025) [2] - LME lead: 4.76% (2016), 1.67% (2017), -0.81% (2018), -1.53% (2019), -4.45% (2020), 1.10% (2021), -1.76% (2022), 4.58% (2023), 0.85% (2024), 0.87% (2025) [2] - CBOT soybeans: 0.35% (2016), -0.93% (2017), 1.90% (2018), -0.22% (2019), -4.10% (2020), 2.16% (2021), 5.76% (2022), 0.22% (2023), -1.84% (2024), 2.85% (2025) [2] - CBOT corn: -1.85% (2016), 1.10% (2017), 1.84% (2018), -0.93% (2019), -3.11% (2020), 3.76% (2021), -2.28% (2022), 0.96% (2023), -3.87% (2024), 2.44% (2025) [2] - CBOT soybean oil: 2.72% (2016), 0.15% (2017), 0.63% (2018), 3.35% (2019), -8.26% (2020), 2.30% (2021), 0.25% (2022), -2.05% (2023), -5.07% (2024), 1.64% (2025) [2] - CBOT soybean meal: -1.50% (2016), -2.14% (2017), 2.69% (2018), -1.83% (2019), -2.98% (2020), 2.18% (2021), 7.82% (2022), 2.09% (2023), -2.42% (2024), 4.22% (2025) [2] - CBOT wheat: -1.87% (2016), 1.70% (2017), -1.87% (2018), -1.24% (2019), -5.07% (2020), 2.13% (2021), -2.79% (2022), 0.84% (2023), -4.99% (2024), 7.84% (2025) [2] - CBOT rice: -2.88% (2016), -2.31% (2017), -2.33% (2018), -2.81% (2019), -0.11% (2020), -1.82% (2021), 2.18% (2022), 0.94% (2023), -1.66% (2024), -6.26% (2025) [2] - ICE No. 11 sugar: -1.43% (2016), 0.59% (2017), -0.30% (2018), 0.71% (2019), -0.07% (2020), -3.76% (2021), -0.11% (2022), 6.75% (2023), -5.85% (2024), 2.77% (2025) [2] - ICE No. 2 cotton: -2.15% (2016), 3.52% (2017), 4.26% (2018), -1.52% (2019), -3.59% (2020), 4.39% (2021), 2.35% (2022), 0.25% (2023), 5.90% (2024), -0.64% (2025) [2] - S&P 500: -0.81% (2016), -0.69% (2017), 0.10% (2018), 0.05% (2019), -3.01% (2020), 0.55% (2021), 1.55% (2022), 2.47% (2023), 0.15% (2024), 0.43% (2025) [2] - US dollar index: -1.05% (2016), -0.66% (2017), 1.23% (2018), 1.08% (2019), -0.32% (2020), 0.54% (2021), -1.80% (2022), -0.07% (2023), 0.13% (2024), 0.62% (2025) [2] - CRB commodity index: -0.97% (2016), -0.38% (2017), 0.93% (2018), -1.39% (2019), -4.60% (2020), 2.50% (2021), 3.34% (2022), -0.29% (2023), -0.36% (2024), 1.30% (2025) [2] - BDI: -2.02% (2016), -8.33% (2017), 4.66% (2018), -6.82% (2019), -15.45% (2020), 34.77% (2021), 3.04% (2022), -11.40% (2023), 9.30% (2024), -1.05% (2025) [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Palm oil is affected by repeated macro - sentiment and has limited fundamental drivers, and soybean oil is in a range - bound adjustment [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Price and Volume**: Palm oil futures (main contract) closed at 9,026 yuan/ton in the day session with a - 0.18% change and 8,996 yuan/ton at night with a - 0.33% change; soybean oil futures (main contract) closed at 8,102 yuan/ton in the day session with a - 0.02% change and 8,122 yuan/ton at night with a 0.25% change; rapeseed oil futures (main contract) closed at 9,144 yuan/ton in the day session with no change and 9,156 yuan/ton at night with a 0.13% change. The trading volume and open interest of palm oil, soybean oil and rapeseed oil futures also changed [1] - **Spot Price**: The spot price of 24 - degree palm oil in Guangdong was 9,080 yuan/ton, down 100 yuan/ton; the price of first - grade soybean oil in Guangdong was 8,650 yuan/ton, down 20 yuan/ton; the price of fourth - grade imported rapeseed oil in Guangxi was 10,090 yuan/ton, unchanged [1] - **Basis**: The basis of palm oil (Guangdong) was 54 yuan/ton, soybean oil (Guangdong) was 548 yuan/ton, and rapeseed oil (Guangxi) was 946 yuan/ton [1] - **Price Spread**: The spread between rapeseed oil and palm oil futures main contracts was 118 yuan/ton, between soybean oil and palm oil futures main contracts was - 924 yuan/ton [1] 3.2 Macro and Industry News - From February 1 - 5, 2026, the yield of Malaysian palm oil increased by 5.71% month - on - month, the oil extraction rate increased by 0.37% month - on - month, and the output increased by 7.65% month - on - month according to SPPOMA data [2] - Brazilian soybean sales in the 2025/26 season reached 33.9% of the expected output, lower than 42.4% in the same period last year according to a report by Safras & Mercado [3] - In the 6th week of 2026 (January 31 - February 6), the actual soybean crushing volume of domestic oil mills was 2.484 million tons, an increase of 187,900 tons from the previous week and 112,400 tons higher than the estimated volume, with an actual startup rate of 68.33% [4] 3.3 Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [5]

Report Industry Investment Rating - No information provided in the report Core Viewpoints - On January 22, 2026, most domestic commodity futures markets closed higher, with chemicals leading the gains [14]. - The US economy maintains a "slight to moderate" expansion, inflation continues to cool, and consumption shows a "K-shaped" characteristic [14]. - In 2025, China's consumer market scale exceeded 50 trillion yuan, with service retail sales growing faster. In 2026, consumption is expected to grow steadily [14]. - In the short term, risk assets may continue to adjust, but in the medium term, it is recommended to go long on stock indices, non - ferrous metals, gold, and silver [14]. Summary by Directory Financial Market Fluctuations - **Stock Index Futures**: On January 22, 2026, the CSI 300 futures price was 4719.4, down 0.26; the SSE 50 futures price was 3061.2, down 0.61; the CSI 500 futures price was 8400, up 0.25; the CSI 1000 futures price was 8292.6, up 0.56 [3]. - **Treasury Bond Futures**: The 2 - year treasury bond futures price was 102.408, down 0.02; the 5 - year was 105.835, down 0.04; the 10 - year was 108.15, down 0.04; the 30 - year was 112.17, down 0.03 [3]. - **Foreign Exchange**: The US dollar index was 98.7693, up 0.23; the US dollar central parity rate was 6.9646, down 57 pips [3]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.4952%, up 0.04%; the 10 - year Chinese treasury bond yield was 1.8312%, down 0.14 bp; the 10 - year US treasury bond yield was 4.26%, down 4 bp [3]. Popular Industry Fluctuations - On January 22, 2026, industries such as national defense and military industry, steel, and petroleum and petrochemicals had relatively large daily increases, while industries such as food and beverage, non - bank finance, and banking had declines [6]. Overseas Commodity Fluctuations - **Energy**: On January 21, 2026, NYMEX WTI crude oil was at $59.52, up 0.3%; ICE Brent crude was at $64.62, up 0.67%; NYMEX natural gas was at $3.891, up 25.39%; ICE UK natural gas was at $105.29, up 12.07% [9]. - **Precious Metals**: COMEX gold was at $4769.1, up 3.78%; COMEX silver was at $94.46, up 6.69% [9]. - **Non - ferrous Metals**: LME copper was at $12810, up 0.44%; LME aluminum was at $3115, up 0.24%; LME zinc was at $3175, up 0.06% [9]. - **Agricultural Products**: CBOT soybeans were at $1053, down 0.45%; CBOT soybean oil was at $54.05, up 2.83%; CBOT corn was at $424, down 0.18% [9]. Domestic Commodity Fluctuations - On January 22, 2026, most domestic commodities rose. Chemicals, new energy materials, non - metal building materials, energy products, etc. all had increases, while precious metals had declines [14]. Macro Summary - **Today's Market**: Domestic commodity futures markets closed mostly higher, with chemicals leading the gains [14]. - **Overseas Macro**: The US economy maintains a "slight to moderate" expansion, inflation cools, and consumption shows a "K - shaped" characteristic. Attention should be paid to upcoming GDP and inflation data [14]. - **Domestic Macro**: In 2025, China's consumer market scale exceeded 50 trillion yuan, and in 2026, consumption is expected to grow steadily [14]. - **Asset Views**: The scenario of no interest rate cut in January is basically confirmed, and the first interest rate cut by the Fed within the year is expected to be postponed to June. Short - term risk assets may adjust, while in the medium - term, it is recommended to go long on certain assets [14]. Viewpoint Highlights - **Financial**: Stock markets continue to wait for the main line, and bond markets still have disturbing factors. The short - term judgments for stock index futures, index options, and treasury bond futures are oscillatory rise, oscillation, and oscillation respectively [15]. - **Precious Metals**: After oscillatory adjustment, they maintain an upward trend. Gold and silver are expected to rise oscillatory [15]. - **Shipping**: Pay attention to the resumption of voyages in the far - month. The short - term judgment for the container shipping European line is oscillation [15]. - **Black Building Materials**: Fundamentals are lackluster. Most varieties are expected to oscillate [15]. - **Non - ferrous Metals and New Materials**: Wait for the macro - situation to become clearer. Base metals are oscillating and consolidating. Some varieties are expected to rise oscillatory, while others are expected to oscillate [15]. - **Energy and Chemicals**: The trade tension eases slightly, but the supply - demand pattern is still under pressure. Most varieties are expected to oscillate [17]. - **Agriculture**: Sentiment warms up but trends diverge. Some varieties are expected to rise oscillatory, while others are expected to oscillate or decline oscillatory [17].