Palm oil led the oils complex in overnight trading. Although Malaysia's September palm oil inventories exceeded expectations, SGS export data improved significantly in the first half of October. Domestic market trading performance has been poor, with cautious downstream purchasing and weak liquidity. The near-month contract rebounded on macro support, while the distant-month 2705 contract rose to 10,260 yuan/tonne, continuing the pattern of near-month weakness and far-month strength. Short-term weak fluctuations are expected, but downside space is limited; attention should be paid to Malaysia's October export data and crude oil trends.