The May contract of palm oil ended Thursday's session (2) stable with an upward bias (+0.02%) in Malaysian Derivatives Exchange (MDEX), quoted at US$ 1,177.25/ton. The June contract also closed in positive territory (+0.06%), at US$ 1,186.75/ton. So far this week, futures for the commodity have accumulated gains of 2.37% and 2.75%, respectively.
In this trading session, palm oil prices continue to be influenced by the volatility in oil prices on the international market.
The president of United States, Donald Trump, in a televised speech the day before (1st), stated that the attacks against the Iran These shortages are expected to continue for the next two or three weeks, increasing market fears about fuel supply.
Higher oil prices make palm oil a more attractive option as biodiesel raw material.
THE Malaysian ringworm It weakened 0.3% against the dollar, a factor that makes palm oil cheaper for foreign buyers.
On the radar, the market awaits the release of official supply and demand data for the commodity in Malaysia, which will be reported by… Malaysian Palm Oil Board (MPOB) April 10th.
This text was translated by machine from Brazilian Portuguese.