MDEX: Palm oil closes moderately higher on Thursday.

The May contract of palm oil closed the session this Thursday (30) with a moderate drop of 0.55% in Malaysian Derivatives Exchange (MDEX)The price for crude oil, quoted at US$1,134.00/ton, fell 0.61% to US$1,134.00/ton. Over the week, futures fell 0.50% and 0.74%, respectively.

For the month, the contracts accumulated losses of 4.36% and 4.21%, respectively.

In this trading session, commodity prices were pressured by the significant drop in international oil prices. Higher fuel prices make palm oil a more attractive option as a biodiesel feedstock.

Furthermore, Malaysian cargo inspection companies estimate that exports of palm oil derivatives from the country fell by 15.3% to 16.2% in April.

Limiting further losses, palm oil advanced 0.99% in Dalian Exchange (DCE), while soybean oil advanced 0.64%.

Furthermore, according to the president of Country's Palm Oil Association (GAPKI), Eddy Martonoa Indonesia's crude palm oil production As much as 2 million tons could fall this year due to the dry weather caused by the phenomenon. El Niño and the high prices of fertilizers.

The Malaysian ringgit weakened 0.43% against the dollar, a factor that makes the commodity cheaper for foreign buyers. 

This text was translated by machine from Brazilian Portuguese.