Palm oil prices ended Tuesday higher in Malaysia.

The May contract for palm oil closed Tuesday's session (21) with a moderate increase of 0.80% in Malaysian Derivatives Exchange (MDEX)The price of crude oil, quoted at US$1,135.75/ton, rose sharply by 1.08% to US$1,147.00/ton. This was the second consecutive trading day that futures posted gains, driven by the depreciation of the Malaysian ringgit against the dollar and the rise in edible oil prices in the Dalian and Chicago markets. The bullish sentiment was also supported by expectations of a recovery in the Indian economy and plans by the Malaysian and Indonesian governments to increase mandatory biodiesel blends in diesel in the coming months. However, gains were limited by the depreciation of oil in the international market and the projected decline in Malaysian palm oil exports in the first half of April.

This text was translated by machine from Brazilian Portuguese.