Weak Malaysian palm oil export data, coupled with continuous position unwinding before the holiday, dampened market sentiment and kept palm oil prices under downward pressure. In the domestic market, trading sentiment remained subdued. Deepening losses in import margins led to increased vessel cancellations in China, easing near-term supply pressure to some extent. Additionally, hedging activities provided some support to futures prices. In the short term, palm oil is expected to fluctuate with a weak bias, with continued attention on high-frequency data from producing regions.