The May contract of palm oil closed the session this Wednesday (1st) with a moderate drop of 0.74% in Malaysian Derivatives Exchange (MDEX)The price for the crude oil futures contract was quoted at US$1,177.00/ton. The June contract fell 0.63% to US$1,186.00/ton. On the other hand, for the week, futures for the commodity accumulated gains of 2.35% and 2.68%, respectively.
In this trading session, palm oil prices continue to be influenced by the volatility in international oil prices. The presidents of Iran and of United States They appear willing to negotiate to end the conflict, which has put pressure on fuel prices.
Lower oil prices make palm oil a less attractive option as biodiesel raw material.
Furthermore, prices followed the positive performance of the commodity in Dalian Exchange (DCE), which registered a decrease of 1.59%, while soybean oil fell by 0.92%.
THE Malaysian ringworm It appreciated 0.54% against the dollar, a factor that makes palm oil more expensive for foreign buyers.
Limiting further losses, the Minister of Economy of Indonesia, Airlangga HartartoHe stated that a 50% blend of palm oil-based biodiesel will be implemented in the country. called B50, starting in July.
THE Indonesian Palm Oil Association (GAPKI) It is estimated that, with the adoption of B50, demand for the commodity should reach approximately 15 million tons this year, an increase of 2 million tons compared to last year.
This text was translated by machine from Brazilian Portuguese.