推薦產(chǎn)品
3-(4-chlorophenyl)-4-phenyl-4,5-dihydro-1H-pyrazole 2-(chloromethyl)-3-methylpyridinehydrochloride 1-(2-bromo-4-methylphenyl)ethanone 3-chloroisoquinoline-4-carbonitrile 5,8-dichloropyrido[3,2-d]pyridazine 2-bromomalononitrile 2-(4-(bromomethyl)phenyl)benzo[d]thiazole 1-(bromomethyl)-3-methoxy-2-nitrobenzene 6-bromo-1H-[1,2,3]triazolo[4,5-b]pyridine 4-iodo-2-((trimethylsilyloxy)methyl)thiazole 6-iodoimidazo[1,2-a]pyridine-3-carbonitrile 2-(4-chlorophenyl)-2-morpholinoacetonitrile 4-chloro-7H-pyrrolo[2,3-d]pyrimidine 4-chloroisothiazole 5-bromo-6-chloro-1H-indole 7-chloro-3H-imidazo[4,5-b]pyridine ethyl3-(4-formylphenyl)propanoate 2,3-dibromobenzaldehyde 1-(5H-chromeno[2,3-b]pyridin-7-yl)ethanone 5H-chromeno[2,3-b]pyridin-5-one 3-chloroisoquinoline-4-carbaldehyde (E)-2-(3-oxoprop-1-enyl)benzaldehyde methyl4-formyl-3-nitrobenzoate 5,6-dimethoxy-2,2-dimethyl-2,3-dihydro-1H-inden-1-one 1-methylbicyclo[4.1.0]heptan-3-one 3-nitro-4-(trifluoromethoxy)benzaldehyde 2-hydroxyquinoline-6-carbaldehyde 2-nitro-3-(trifluoromethyl)benzaldehyde 1-(2-fluoro-4-methoxyphenyl)propan-2-one tert-butyl3-fluoro-4-oxopiperidine-1-carboxylate tert-butyl3-oxopropylcarbamate 2,2-dimethylcyclohexanone 9H-carbazole-3-carbaldehyde N,N-dimethyl-2-oxoacetamide 2-methylpent-4-yn-2-ol 3-tert-butyl-4-hydroxybenzonitrile 4-bromo-2-tert-butylphenol 1,3-dibutoxypropan-2-ol methyl4-hydroxyquinoline-6-carboxylate methyl3-cyano-4-hydroxybenzoate 4-chloro-6-methoxyquinolin-7-ol 3,4-dihydro-2H-benzo[b][1,4]oxazin-7-ol 2-(2-aminothiazol-5-yl)ethanolhydrochloride (R)-ethyl2-chloropropanoate (S)-4-amino-5-(4,4-dimethylcyclohexylamino)-5-oxopentanoicacid (1s,4s)-4-hydroxycyclohexanecarboxylicacid (S)-2-(tetrahydrofuran-3-yloxy)aceticacid (1S,4R)-1-methyl-4-(prop-1-en-2-yl)cyclohex-2-enol (R)-4-(hydroxymethyl)oxazolidin-2-one (S)-4-(hydroxymethyl)oxazolidin-2-one 化工資訊 本周(12月9日-13日)油脂強(qiáng)弱格局發(fā)生一些變化，棕櫚油漲勢(shì)放緩，豆油則出現(xiàn)明顯走強(qiáng)。雖然馬棕11月減產(chǎn)幅度超預(yù)期進(jìn)一步強(qiáng)化減產(chǎn)邏輯，但出口遠(yuǎn)不及預(yù)期引發(fā)市場(chǎng)擔(dān)憂。馬來西亞在時(shí)隔1年半后，上調(diào)明年1月的毛棕櫚油出口關(guān)稅至5%，進(jìn)一步削弱市場(chǎng)做多棕櫚油的熱情。因預(yù)期部分棕櫚油需求將向豆油轉(zhuǎn)移，豆油走強(qiáng)以修復(fù)當(dāng)前過低的豆棕價(jià)差。此外，中美關(guān)系緩和預(yù)期下，活躍的買油拋粕套利亦對(duì)豆油走勢(shì)形成明顯提振。
馬棕出口的下滑令市場(chǎng)擔(dān)憂棕櫚油反彈的持續(xù)性，本周棕櫚油漲勢(shì)顯著放緩。然而，油脂間價(jià)差及主要需求國采購節(jié)奏并不影響油脂總需求，我們認(rèn)為，當(dāng)前油脂市場(chǎng)更關(guān)鍵的核心仍是棕櫚油減產(chǎn)邏輯的兌現(xiàn)情況。在當(dāng)前數(shù)據(jù)仍支撐產(chǎn)地棕櫚油減產(chǎn)的背景下，油脂并不具備趨勢(shì)性下跌的基礎(chǔ)。
中美達(dá)成第一階段協(xié)議，保障了后期國內(nèi)大豆供應(yīng)，大豆壓榨需求成為更關(guān)鍵的變量。在非洲豬瘟背景下，我們預(yù)計(jì)國內(nèi)大豆壓榨回升幅度有限，豆油庫存預(yù)計(jì)將在12月底降至100萬噸下方后繼續(xù)下滑，且2020年上半年豆油庫存的下降幅度及速度很可能超過2015-2016年同期水平。豆油庫存的顯著下滑將令豆油開啟一輪補(bǔ)漲行情，亦有助于整體油脂反彈的進(jìn)行。隨著油脂去庫存的推進(jìn)，階段性的供應(yīng)偏緊或驅(qū)動(dòng)油脂在明年1-2季度沖擊年內(nèi)高點(diǎn)，回調(diào)仍可逢低適量布局多單。
