Last week, palm oil led the losses in the edible oils sector, closing at 9,474 yuan/tonne on Friday. MPOB data showed that Malaysia's palm oil inventories in September unexpectedly rose to 3.51 million tonnes, while domestic commercial inventories also accumulated synchronously to 1.16 million tonnes. Dual high inventories in the producing areas and domestically are suppressing the futures market. However, the profit on forward-month vessel purchases is relatively good. Last week, more than 10 new vessel purchases were added for February, September, and October 2027 shipment periods. SPPOMA showed that production from October 1-5 fell 5.97% month-on-month, initially showing an inflection point, and El Nio has raised expectations of a production reduction in 2027. In the short term, palm oil is expected to oscillate weakly, with limited downside room. Attention should be paid to confirmation of the October production inflection point and export data.