Yesterday, palm oil led the decline among edible oils, and in the night session it continued to fluctuate downward, with futures prices falling sharply and open interest reduced. Spot trading was sluggish, and downstream purchasing willingness was insufficient. On the production side, Malaysian palm oil production increased significantly month on month in mid-to-late September, while exports declined month on month, showing emerging supply pressure; BMD palm oil weakened in tandem, transmitting pressure from the external market. Domestically, concentrated arrivals from September to October continued to bring pressure, and inventories kept accumulating; the soybean oil-palm oil price spread was deeply inverted, severely suppressing substitution demand for palm oil and worsening liquidity. In the short term, weak fundamentals dominate, and basis may weaken further after the holiday.