Sentiment recovered in the night session, and Dalian palm oil rebounded. The spread between the main soybean oil and palm oil futures contracts narrowed from -844 yuan/tonne the previous day to Yuan -762 /tonne, while the soybean oil-palm oil spot spread was about 313 yuan/tonne. The inversion narrowed somewhat but remains deeply inverted. The core bearish factor comes from the MPOA report showing that Malaysia's September production remained at a high level, combined with weak export data, extending the weak supply-demand pattern. As of September 25, national commercial palm oil inventories stood at 968,400 tonnes, up 33,400 tonnes month on month, with significant inventory-building pressure and still about 60% higher than the same period last year. In the short term, the weak palm oil basis is difficult to change. Attention should be paid to the production turning point in the origin in October and changes in domestic import profits.