MDEX: Palm oil closes lower on Tuesday.

The August contract of palm oil closed Tuesday's session (28) with a slight decrease of 0.29% in Malaysian Derivatives Exchange (MDEX), quoted at US$ 1,110.50/ton. The September contract fell 0.57%, to US$ 1,126.5/ton. 

In this trading session, prices continued to be pressured by the fall in international oil prices, following recent statements by US President Donald Trump that talks with the Iranian administration had progressed positively. 

Lower fuel prices on the international market make palm oil a less attractive option as a feedstock for biodiesel. 

Furthermore, prices were also affected by the negative yield of palm oil in Dalian Exchange (DCE), which closed sharply lower by 1.29%. Soybean oil fell 1.22% on the Chinese index.

Limiting further losses, Malaysia's independent cargo inspection companies estimate that exports of palm oil and its derivatives increased between 8.1% and 15.9% between July 1st and 25th. 

The Malaysian ringgit depreciated by 0.02% against the dollar, a factor that makes the commodity cheaper for buyers of foreign currencies.

This text was translated by machine from Brazilian Portuguese.