Palm oil fell in night trading. Internationally, production areas are gradually entering the seasonal low-production cycle, with SPPOMA output continuing to decline month-on-month. Coupled with Indonesia's biodiesel policy expectations and lingering El Nio weather premiums, BMD palm oil still has a relatively strong fundamental basis, though weak export demand provides some offset. On the domestic front, concentrated arrivals in September are exerting pressure, port inventories remain high, and the deep inversion of the soybean-palm oil price spread continues to curb terminal blending consumption, with demand notably lagging. The strong supply and weak demand pattern is unlikely to reverse in the short term. Palm oil futures are expected to fluctuate at high levels, with spot basis continuing to face downward pressure.