MDEX: Palm oil closes sharply higher on Monday.

The May contract of palm oil closed the session this Monday (1st) with a strong increase of 1.52% in Malaysian Derivatives Exchange (MDEX)The price for the futures contract was quoted at US$1,151.25/ton. The June contract advanced 1.49%, to US$1,160.25/ton. 

In this trading session, commodity prices were driven by a significant increase in… oil prices in the international market, amid ongoing tensions in Middle East. 

Higher fuel prices make palm oil a more attractive option as biodiesel raw material. 

By limiting larger gains, Malaysian cargo inspection companies projected that… Shipments of the commodity fell between 15.3% and 16.2% in April..

THE Malaysian ringgit strengthened 0.3% against dollarThis factor makes the commodity more expensive for foreign buyers. 

This text was translated by machine from Brazilian Portuguese.