MDEX: Palm oil closes moderately higher on Wednesday.

The May contract of palm oil closed the session this Wednesday (29) with a moderate increase of 0.84% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract was quoted at US$1,140.25/ton. The June contract advanced 0.81%, to US$1,150.25/ton. 

So far this week, the May contract has gained 0.04%, while the June futures contract has accumulated a loss of 0.13%. 

In this trading session, commodity prices were driven by the significant increase in oil prices on the international market, amid investor concerns about the closure of the Strait of Hormuz.

Higher oil prices make palm oil a more attractive option as a feedstock for biodiesel.

Limiting further gains, palm oil fell 0.59% in Dalian Exchange (DCE), while soybean oil advanced 0.14%.

Furthermore, Malaysian cargo inspection companies estimate that exports of palm oil derivatives from the country fell by 15.7% to 16.8% between April 1st and 25th. 

This text was translated by machine from Brazilian Portuguese.