In the overnight session the DCE palm oil main contract traded weakly with fluctuations. National trading volume was a mere 468 tonnes. Spot basis showed across-the-board discounts (South China and East China at 09-150), with downstream buying interest hitting rock bottom. Import margins stood at 36 yuan/tonne, narrowing from earlier levels but remaining positive, sustaining buying interest for cargoes. The combination of high domestic inventories and the current consumption off-season continues to weigh on the market. Meanwhile, the overall easing of vegetable oil supply expectations, driven by soybean oil reserve releases, is likely to indirectly dampen palm oil market sentiment through substitution effects.