On the positive side, Indonesia's B50 biodiesel policy is set to take effect in July, keeping biofuel demand expectations alive. Multiple agencies have confirmed that El Nio has formed and is relatively strong, intensifying expectations of production cuts in distant months and attracting long positioning. However, near-term spot market pressures persist. Malaysian palm oil inventories are destocking slowly, domestic port inventories remain high, basis discounts continue, and with heavy arrival schedules for July shipments, the spot side faces notable headwinds. In the short term, palm oil is expected to trade in a wide range, dragged by crude oil volatility and ample spot supply. In the medium term, attention should be focused on the implementation of the B50 policy and the actual impact of El Nio. If production cut expectations materialize, palm oil is likely to become the leading performer in the vegetable oil complex.