The short-term fundamentals of palm oil are under pressure. Malaysia's September palm oil stocks of 3.51 million tonnes reflect a continued loose pattern, and domestic commercial inventory has accumulated to 1.2 million tonnes. The dual inventory-building pressure in producing areas and domestically is relatively heavy, with spot quotations in Tianjin around Yuan 9,300/tonne. However, transaction volumes increased noticeably this week, and pickup activity in South China is active, indicating that rigid downstream procurement demand is being released. U.S. EPA policy boosts demand expectations, and India has turned to palm oil purchases because sunflower oil transportation was disrupted. SGS data show that exports from October 1 to 15 reached 605,000 tonnes, indicating an improvement in export performance. Sentiment is the strongest, with bullish views accounting for about 50%. Short-term prices are expected to remain in weak consolidation, but downside is limited.