Mysteel China edible oils market daily: The sharp decline in international crude oil dragged down the entire oils complex

ITS data show that Malaysia's October palm oil exports rose 45.4% from the same period last month, and the export improvement provides some support to the futures board. However, pressure on the physical side remains prominent: domestic commercial inventory buildup pressure is relatively heavy, and although the basis discount structure has been somewhat repaired and picking-up activity in South China is active, overall trading remains weak. On the origin side, Malaysia's September palm oil stocks of 3.51 million tonne extend the loose pattern, and SPPOMA production in October has begun to show an inflection point. This week, key focus is on the MPOB October report around November 10; if inventories are confirmed to have peaked and begun to fall, the near-month discount repair could have considerable elasticity. In the short term, palm oil is expected to maintain a range-bound, slightly weak pattern, with upside resistance at Yuan 9,350/tonne and support at Yuan 9,200/tonne.