MDEX: Palm oil closes in positive territory on Tuesday.

The August contract of palm oil closed the session this Tuesday (7) in stability with an upward bias of (+0.02%) in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract was quoted at US$1,108.25/ton. The September contract advanced 0.09%, to US$1,116.25/ton.

In this trading session, commodity prices were driven by market concerns about the effects of El Niño on palm oil producing countries, as the phenomenon could impact supply. Furthermore, prices followed the positive performance of palm oil on the Dalian Commodity Exchange (DCE), which closed 1.53% higher, while soybean oil advanced 1.31% on the Chinese index. Limiting further gains, Malaysian ringigui appreciated 0.37% against the dollar, a factor that makes palm oil more expensive for foreign buyers.

This text was translated by machine from Brazilian Portuguese.