BMD crude palm oil rallied for three consecutive sessions to close at its highest level in over 20 months, tracking strength in competing edible oils and crude oil. On the spot front, September shipment profit margins versus the screen remain attractive, with several new purchase and washout vessels added this week, pointing to heavier September arrival pressure. Against the backdrop of a firming screen, spot bases across regions continued to be marked down, while transaction activity remained tepid under high inventory overhang. National palm oil commercial stocks (including industrial palm oil) stood at 828,700 tons, up 5,700 tons week-on-week and 37.1% higher year-on-year. Looking further ahead, expectations surrounding Indonesia's B50 mandate and El Nio-driven production cut concerns continue to underpin far-month contracts. Near-term price action is expected to remain range-bound, with key focus on DSI policy developments and the pace of Indonesia's B50 implementation.