MDEX: Palm oil ends in stable prices this Monday.

The July contract of palm oil closed the session this Monday (22) in negative territory (-0.07%) in Malaysian Derivatives Exchange (MDEX), quoted at US$ 1,111.00/ton. The August contract ended completely stable, at US$ 1,118.5/ton. 

In this trading session, commodity prices followed the decline in quotations of Oil is rising on the international market amid progress in the agreement between the United States and Iran to end hostilities and reopen the Strait of Hormuz.

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

Limiting further losses, palm oil closed 0.45% higher in the market. Dalian Exchange (DCE)Meanwhile, soybean oil advanced 0.89% in the Chinese index. 

The Malaysian ringgit weakened 0.29% against the dollar, a factor that makes palm oil cheaper for foreign buyers.

Furthermore, 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.