Palm oil rose notably in night trading, leading the vegetable oil complex. Import profit margins for SeptemberOctober shipments remain relatively high, though new purchases were limited last week, with only three cargoes tracked for September and October shipments. As prices rise, import profits are expected to continue increasing; attention should be paid to subsequent buying activity and changes in import margins. The producing regions are gradually entering the seasonal production downturn, but sluggish export demand acts as a counterweight, leaving the near-term external market without a clear direction. Domestically, September arrival pressure combined with high inventories, and the deeply inverted soybean-palm oil price spread suppressing consumption, keep the supply-excess/demand-weakness pattern intact. Palm oil futures are expected to remain range-bound at high levels, while domestic spot basis may face downside pressure.