MDEX: Palm oil closes slightly higher and advances about 3% for the week.

The May contract of palm oil closed the session this Friday (24) with a slight increase of 0.31% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract rose 0.33% to US$1,151.75/ton. The June contract advanced 0.33% to US$1,151.75/ton. For the week, futures contracts accumulated gains of 2.80% and 3.02%, respectively. 

In this trading session, commodity prices were boosted after the Malaysian Palm Oil Board (MPOB) To inform about a perspective of a drop in the country's local production, due to the potential formation of the phenomenon. El Niño. 

Furthermore, the constant volatility in oil prices The international market also drove up commodity prices, as higher fuel costs make palm oil more attractive as a biodiesel feedstock. 

Furthermore, the Malaysian ringgit It depreciated for the third consecutive session against… dollarThis makes the commodity cheaper for foreign buyers.

Limiting further gains, palm oil closed down 0.37% in Dalian Exchange (DCE)Meanwhile, soybean oil fell 1.04% in the Chinese index. 

This text was translated by machine from Brazilian Portuguese.