The August contract of palm oil closed the session this Wednesday (15) in stability with a downward bias (-0.02%) in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian futures contract, quoted at US$1,110.75/ton, fell 0.13% to US$1,120.25/ton. On the other hand, so far this week, the contracts have accumulated gains of 0.95% and 0.99%, respectively.
In this trading session, prices retreated due to a technical profit-taking movement, following a series of gains for the commodity.
Furthermore, according to Indonesian Palm Oil Association (GAPKI)Exports of the commodity from the country, including derivatives, fell 25.1% in May, totaling 1.996 million tons.
Limiting further losses, prices continue to be impacted by the rise in oil prices on the international market, amid a new escalation of hostilities between the United States and Iran.
Higher fuel prices make palm oil a more attractive option as a feedstock for biodiesel.
Furthermore, palm oil showed stability with an upward bias (+0.02%) in Dalian Exchange (DCE)Soybean oil advanced 0.08% in the Chinese index.
Finally, Malaysian independent cargo inspection companies AmSpec Agri and Intertek Testing Services reported that palm oil exports from the country increased between 4% and 12.4% between July 1st and 15th.
This text was translated by machine from Brazilian Portuguese.