MDEX: Palm oil closes sharply lower on Tuesday.

The April contract of palm oil closed Tuesday's session (24) with a significant drop of 2.23% in Malaysian Derivatives Exchange (MDEX)The price for the May contract fell 2.21% to US$1,148.25/ton. The May contract was quoted at US$1,138.25/ton. 

Trading in the commodity resumed after the Hari Raya Puasa holiday, which suspended operations at MDEX between Friday (20) and yesterday (23).

In this trading session, palm oil prices followed the negative performance of the commodity on the Dalian Commodity Exchange (DCE), where it registered a loss of 1.79%, while soybean oil fell 0.97%.

Limiting further losses, Malaysian ringiquat weakened 0.43% against the dollar, a factor that makes palm oil cheaper for foreign buyers. 

This text was translated by machine from Brazilian Portuguese.