MDEX: Palm oil closes in positive territory on Tuesday.

The May contract of palm oil closed Tuesday's session (28) with an upward bias (+0.09%) in Malaysian Derivatives Exchange (MDEX)The price of crude oil rose to US$1,130.75/ton. The June contract advanced 0.11% to US$1,141.00/ton. In this trading session, commodity prices were driven by the appreciation of oil in the international market, which rose almost 3%, as efforts to end the war between the United States and Iran seemed to have stalled, with the Strait of Hormuz still closed. The appreciation of crude oil tends to favor the competitiveness of vegetable oils made from oilseeds and grains. On the other hand, gains were contained by the weakness of the equivalent contract on the Dalian Exchange, where the palm oil contract fell 0.59%. The soybean oil contract on the exchange rose 0.14%. Furthermore, Malaysian ringigui rose 0.03%, making the commodity more expensive for foreign buyers.

This text was translated by machine from Brazilian Portuguese.