This week, palm oil futures prices briefly breached the Yuan 10,000 per tonne mark. This strength primarily stemmed from the convergence of the "biodiesel narrative" and "robust export data." Internationally, high crude oil prices have compelled the Indonesian government to seriously consider accelerating its B50/B60 program and potentially restricting exports. Meanwhile, Malaysia's exports in the first half of March surged by 56.9% month-on-month, indicating strong fundamentals in producing regions. Domestically, although commercial palm oil inventories have continued to accumulate to 842,000 tonnes (a 99.2% increase year-on-year), indicating ample supply, futures pricing is entirely dominated by import cost logic and the energy premium. Spot market basis remains at low levels, showing a significant divergence from futures prices.