MDEX: Palm oil advances more than 2% this Wednesday.

The June contract of palm oil closed the session this Wednesday (3) with a significant increase of 2.31% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract, quoted at US$1,161.00/ton, advanced 2.45% to US$1,170.75/ton. The July contract advanced 2.45% to US$1,170.75/ton. 

In this trading session, prices were boosted by positive palm oil yields. Dalian Exchange (DCE), which closed 0.43% higher. On the other hand, soybean oil advanced 0.25% in the Chinese index. 

Commodity prices were also affected by the rise in oil prices, following a new standoff 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 a feedstock for biodiesel. 

THE Malaysian ringgit weakened 0.68% compared to dollarThis factor makes palm oil cheaper for foreign buyers.

This text was translated by machine from Brazilian Portuguese.