Palm oil fundamentals are under short-term pressure. Malaysia's September inventory of 3.51 million tonnes continues the loose pattern, and domestic commercial inventory has accumulated to 1.1607 million tonnes. The dual inventory buildup pressure from both origin and domestic markets is relatively heavy, with Tianjin spot quotations around 9,520 yuan/tonne. However, U.S. EPA policy boosts demand expectations, and India has turned to palm oil purchases due to disrupted sunflower oil transportation. SGS data shows exports reached 605,000 tonnes from October 1 to 15, indicating improved export performance. Sentiment is the strongest, with bullish views accounting for about 50%. Short-term prices are expected to maintain weak oscillation, but downside is limited. Forward-looking focus should be on Malaysia's October export data, domestic inventory destocking, and crude oil trends.