MDEX: Palm oil closes sharply higher on Wednesday.

The May contract of palm oil closed the session this Wednesday (22) with a strong increase of 1.30% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract rose 1.39% to US$1,163/ton, quoted at US$1,150.50/ton. The June contract advanced 1.39% to US$1,163/ton. So far this week, futures have accumulated gains of 3.77% and 4.03%, respectively. 

In this trading session, commodity prices were boosted by positive palm oil yields. Dalian Exchange (DCE), which registered a 1.2% increase, while soybean oil advanced 2.07% in the Chinese index. 

Furthermore, prices continue to be affected by volatility in the… Oil prices on the international marketFuel prices rose due to investor uncertainty following the ceasefire between the United States and the Iran. 

Higher oil prices make palm oil a more attractive option as biodiesel raw material.

This text was translated by machine from Brazilian Portuguese.