Malaysia is considering exempting crude palm oil export tax to promote shipments and alleviate high inventory pressure, which, together with recent month-on-month improvement in export data, has jointly boosted the futures market. However, supply pressure in the main producing areas persists, and combined with the drag from high domestic inventories, the room for a short-term rebound is expected to be limited. On the spot side, domestic market trading performance is poor, downstream purchasing is cautious, and liquidity is weak; under the supply-demand mismatch, the spot basis is expected to continue to weaken and consolidate.