The night session saw the palm oil main contract decline slightly with notable open interest reduction. Spot basis remained weak, with Tianjin and Shandong already turning to discounts. National palm oil transaction volume recorded zero, and while import margins stood at 103 RMB/tonne, they narrowed noticeably on a sequential basis. On one hand, El Nio expectations continue to build, with Malaysia's meteorological agency warning of record-high temperatures next year, sustaining long-term production cut concerns and lending support to prices. On the other hand, the overhang of high domestic inventories and the off-season consumption reality continue to weigh on the market. Additionally, several new cargoes were booked last Thursday and Friday, improving near-term supply expectations. Amidst this interplay of bullish and bearish factors, the market maintains high-level range-bound trading, with the near-term weakening while the forward curve strengthens.