MDEX: Palm oil closes sharply higher on Friday.

The July contract for palm oil closed the session this Friday (19) with a strong increase of 1.29% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract rose 1.44% to US$1,118.50/ton. The August contract rose 1.44% to US$1,111.75/ton. For the week, futures accumulated gains of 0.25% and 0.11%, respectively. Trading on… Dalian Exchange (DCE) were Chicago (CBOT) They were closed due to holidays. In this trading session, commodity prices were boosted by expectations that Indonesia's planned B50 mandate will increase domestic consumption and reduce global supply. Indonesia, the world's largest palm oil producer, is on track to launch its B50 biodiesel program — a blend of 50% palm oil-based biodiesel with 50% conventional diesel — on July 1, Energy Minister Bahlil Lahadalia said on Thursday (18), after fuel tests showed positive results. Also supporting prices was the 0.41% drop in Malaysian ringgit Against the dollar, a factor that makes palm oil cheaper for foreign buyers.

This text was translated by machine from Brazilian Portuguese.