During the night session, the main palm oil futures contract followed suit and weakened. National trading volume stood at only 68 tonnes, reflecting extremely low downstream buying interest. Palm oil import margins narrowed to Yuan 49/tonne, down Yuan 54 /tonne from the previous session. On the fundamental side, bullish and bearish factors are intertwined. Concerns over production cuts caused by the far-term El Nio effect persist, but the near-term reality of high domestic inventories and the off-season for consumption remains prominent. New purchase vessels added last week continue to improve near-term supply expectations. In the short term, the market is likely to see weak range-bound trading under the pressure of sluggish domestic spot demand and long-position liquidation, maintaining a pattern of near-term weakness and far-term strength. However, downside space is limited, supported by long-term production cut expectations.