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Data as of: 2026-09-30 · Settlement: Exchange settlement (15:00 Beijing close, vs prior settlement)
大商所棕榈油主力连续(DCE.P)深度分析报告 | 2026-10-08 偏空 | 2026-10-08
方向偏空:DCE.P 棕榈油主力合约(实际执行合约为大商所棕榈油 2701 合约)在 2026-09-30 结算价 9593 元/吨,20 日累计下跌 6.95%,处于 20 日通道 9508–10489 的 7.4% 极低分位,国际市场 FCPO=F 同步走弱且 20 日跌幅达 9.12%,国际与中国市场共振下行格局未改。三条核心理由:一是价格结构上,结算价 9593 低于枢轴 P 9583.33 上方仅 9.67 点,反弹力度弱,5 日跌幅 2.51% 显示短期空头动能仍在释放;二是持仓结构上,主力持仓减少 5820 手至 546979 手,主力名义持仓日变 -5.58 亿元,减仓上涨属空头回补而非多头主动增仓,反弹持续性存疑;三是季节性统计显示近 15 年同日起 20 个交易日中位数 +2.41%、上涨 11/15 年,但当前价格处于 20 日通道极低分位,季节性利多与趋势偏空形成对冲,基准情景仍以弱势震荡为主。方向失效条件:若 DCE.P 结算价有效站上 20 日通道中枢 9998 或单日增仓幅度超过 2 万手且价格突破 9800,则空头逻辑失效。
This brief is published in Chinese. The English translation is being prepared.
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