Malaysian palm oil fell notably in the overnight external market. Combined with the earlier bearish MPOB report and weaker soybean oil, Dalian palm oil continued to follow the decline in the night session. Producing areas are gradually entering the seasonal production-reduction cycle, but weak export demand provides an offset, leaving the short-term external market without a clear direction. Domestic vessel purchases continue to increase, and future arrival pressure persists. Coupled with high commercial inventories and poor market liquidity, the pattern of strong supply and weak demand is difficult to change, and palm oil is expected to remain range-bound.