MDEX: Palm oil closes slightly lower on Tuesday.

The July contract of palm oil closed Tuesday's session (22) with a slight decrease of 0.18% in Malaysian Derivatives Exchange (MDEX), quoted at US$ 1,109/ton. The August contract fell 0.18%, to US$ 1,115.75/ton. 

In this trading session, commodity prices followed the drop in oil prices on the international market, after the United States suspended sanctions on Iran for 60 days, in addition to the gradual resumption of energy export flows through the Strait of Hormuz.

Lower fuel prices on the international market make palm oil a less attractive option as a feedstock for biodiesel.

Furthermore, palm oil closed down 0.71% in Dalian Exchange (DCE)Meanwhile, soybean oil fell 0.27% in the Chinese index. 

Malaysian ringgit appreciated 0.19% against the dollar, a factor that makes palm oil more expensive for foreign buyers.

Limiting further losses, Malaysian independent freight companies estimate that the country's palm oil exports increased between 19.1% and 25% during June 1st to 20th.

This text was translated by machine from Brazilian Portuguese.