MDEX: Palm oil closes slightly higher on Monday.

The June contract of palm oil closed the session this Monday (11) with a slight increase of 0.20% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract was quoted at US$1,143.00/ton. The July contract advanced 0.17%, to US$1,151.25/ton. 

In this trading session, commodity prices were boosted by the rise in… oil prices, following a new impasse between the United States and the Iran in the peace negotiations in Middle East.

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

THE Malaysian ringgit weakened 0.05% compared to dollarThis factor makes palm oil cheaper for foreign buyers.

Furthermore, the cargo inspection company of Malaysia, Intertek Testing Services, projected that the palm oil exports and derivatives of the country advanced 8.5% between May 1st and 10th. However, the AmSpec Agri Malaysia It is estimated that shipments fell 10.8% compared to the same period of the previous month. 

By limiting larger gains, the Malaysian Palm Oil Board (MPOB) reported, in a report released today, that the Malaysia's crude oil stocks reached 2.31 million tons in April., an increase of 1.71% compared to the previous month.

Furthermore, crude palm oil production in the country for the month was 1.63 million tons, an increase of 18.3% compared to March.

However, the country exported 1.3 million tons in April, a decrease of 14.3% compared to the previous month. 

Furthermore, palm oil closed down 0.11% in Dalian Exchange (DCE)On the other hand, the soybean oil It advanced 0.55% in the Chinese index.

This text was translated by machine from Brazilian Portuguese.