MDEX: Palm oil closes sharply lower on Thursday.

The June contract of palm oil closed the session this Thursday (14) with a sharp drop of 1.09% in Malaysian Derivatives Exchange (MDEX)The price of palm oil fell to US$1,109.75/ton. The July contract retreated 1.06%, to US$1,117.50/ton. So far this week, futures have accumulated losses of 2.72% and 2.76%, respectively. In this trading session, prices were pressured by the negative yield of palm oil in the US. Dalian Exchange (DCE), which closed down 0.98%, while soybean oil stabilized on a downward trend (-0.08%) in the Chinese index. Furthermore, commodity prices continue to be affected by the fall in oil prices, while the market awaits the outcome of the president's visit to United States, Donald Trumpto ChinaLower oil prices make palm oil a less attractive option as biodiesel raw materialThe Malaysian ringgit strengthened 0.05% against dollarThis factor makes palm oil more expensive for foreign buyers.

This text was translated by machine from Brazilian Portuguese.