Shouchuang Futures: Foreign crude oil markets are closed, oils and fats fluctuate at high levels

Today, domestic oilseed futures showed a high-level sideways trading pattern and volatility after rebounding yesterday. Uncertainty over the Middle East war and holiday-related risks limited market sentiment. Overnight, crude oil continued to surge strongly; today, overseas markets were generally closed due to the Easter holiday. The Malaysian market remained relatively strong, with its range-bound volatility helping domestic oilseed futures rebound from their intraday pullback lows. March Malaysian palm oil inventories are expected to drop sharply to 2.00–2.20 million tons, and the short-term trend of a strengthening fundamental outlook is expected to continue. Overnight, changes on the oilseed cost side remained largely unchanged, and the domestic pattern of oil strength and meal weakness continued. Overall, recent price fluctuations in oilseed products for both domestic and overseas markets have mainly been driven by sentiment tied to the Middle East war and crude oil price movements. As U.S. statements remain repeatedly uncertain, ahead of the long holiday there has been demand to avoid risk. However, even so, given that improvements in short-term crude spot supply constraints are still difficult, and that Indonesia and other countries have begun planning to increase the blending of spot biodiesel feedstocks, it is still recommended to take a slightly bullish view on palm oil. (First Capital Futures)