Malaysian palm oil futures extended their decline, lingering below MYR 4,550 per tonne at their lowest level since mid-July. For the week, futures are heading for a second straight weekly loss, down around 3.1% so far. Sentiment was pressured by rising inventories, with August stocks reaching an eight-month high and expected to surpass 3 million tonnes in September. Weak demand further weighed on sentiment, with cargo surveyors estimating a 17.1%-28.8% mom drop in palm oil exports for September. Meanwhile, China’s Dalian markets were closed for a Golden Week holiday, limiting trading cues. Still, losses were tempered by forecasts that palm oil imports by top buyer India will remain steady in the 2026/27 marketing year following an import-duty cut. Lower edible-oil duties ahead of the festive season could also support near-term demand. Elevated crude oil prices offered additional support amid persistent Middle East uncertainty, improving the appeal of palm oil as a biodiesel feedstock.