作者:admin 日期:2023-12-25 14:01:10 浏览:60 分类:资讯
来源:中华粮网
12月以来,原料棕榈油市场持续低位盘整,对下游的成本驱动不足,叠加终端进入淡季,下游油脂化工产业链气氛低迷,月内产品价格下跌为主。距离春节不足两个月,原料棕榈油价格存在上涨可能,业者普遍观望原料走势及对下游补货节奏的指引。
棕榈油市场继11月中上旬短暂走高后,11月下旬快速回吐前期涨幅,12月以来持续低位震荡。原料端提供的成本驱动不足,叠加需求处于淡季,以棕榈油为原料的油脂化工产业链价格整体偏弱。
季节性走弱叠加外部市场拖累,12月棕榈油市场弱势
从季节性规律来看,棕榈油市场在11月至次年2月减产期支撑下,价格重心一般高于其他时间,但期间价格波动也存反复,12月市场偏弱运行概率较大。今年来看,MPOB报告显示:马来棕榈油11月减产7.66%,且较近十年平均降幅8.81%;11月底马棕库存转降,但降幅有限,且销区库存偏高,马棕12月出口持续下滑,所以棕榈油自身供需面对市场的向上驱动有限。
另外,外部市场对棕榈油市场的提振也不足。月初欧佩克+减产不及预期、南美大豆产区天气改善、美农报告偏空导致原油和豆油市场连续下跌,对棕榈油市场构成拖累。之后宏观面美联储12月再次暂停加息并释放降息预期,美元指数下跌,叠加国际局势升级,原油连续走高,植物油市场止跌后略微回调,但幅度受限。
下游需求整体进入淡季,市场下跌较多
在原料和需求双双不佳态势下,12月棕榈油下游产品价格整体偏弱,除AKD外,其他产品均有所下跌。其中,国产一级硬脂酸市场再度失守8000元/吨的关口,虽然中下旬原料棕榈油脱离盘内低点后小幅反弹,但对硬脂酸的成本提振不足。截至12月21日,华东国产一级硬脂酸收于7925元/吨,较上月底下跌2.76%。伯胺需求也明显转淡,商家存在不同程度出货压力,市场商谈重心下移,截至12月15日,华东十八伯胺收于17050元/吨,较上月底下跌3.94%。而AKD工厂继续交付国内外订单,现货供应紧张,市场价格仍存支撑,截至12月20日,华东1840型号AKD收于18400元/吨,较上月底持平。
后期:需求淡季难改,等待原料端“风起”
在需求短期难以走出淡季的背景下,距离春节不足两个月,业者主要关注原料棕榈油能否“起风”带动节前需求小幅放量。产地方面,产量对价格影响偏多,根据高频数据,马棕12月上旬产量环比下降18%,而近十年12月产量平均降幅为10%;出口影响偏空,由于中印库存偏高,今年12月前15日马棕出口环比下降3%-14%,前20日出口环比下降2%-8%,而近十年同期月出口环比增长1.4%。产销多空并存也是近期棕榈油市场几近纹风不动的重要原因。销区方面,如图3、4所示,中国棕榈油库存和印度食用油库存已脱离前期高点,截至12月15日,中国棕榈油港口库存(含工棕)降至90.1万吨;而印度在11月进口86.95万吨棕榈油(含仁油,环比增幅23%)的同时,12月初的食用油库存反降至296万吨,为年内较低水平。后期,随着下游节前备货,国内港口库存有望继续下降;而印度在库存压力减轻、棕榈油存在价格优势的背景下延续甚至扩大进口的可能较大。
综合来看,后期在产地继续减产、销区库存转降背景下,棕榈油市场压力较前减轻,价格易涨难跌,而往年1月价格上涨概率也较大。但在产业链价值链向下传导方面,仍需关注棕榈油涨幅能否撼动下游需求淡季的压力。
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