Strong Indian demand outweighed concerns over rising inventories, and the market staged a corrective rally. Malaysian 24-degree palm oil FOB quotes are at 980-995 ringgit/tonne, while domestic 24-degree palm oil port spot prices are at 7,680-7,740 yuan/tonne. Data show August inventories at 2.8245 million tonnes, up month-on-month, with continuous inventory-building pressure emerging. The market is watching Malaysia's Friday budget meeting, which may propose exempting the crude palm oil export tax if implemented, this would be bullish for exports. Domestic palm oil inventories are at historically high levels, and the inverted soybean oil-palm oil price spread is suppressing consumption, with the strong supply and weak demand pattern limiting the upside. Short-term palm oil is expected to remain rangebound after an oversold rebound, with focus on Malaysia's export tax policy and October production data.