MDEX: Palm oil follows negative performance on the DCE and closes with a slight drop.

The July contract of palm oil closed the session this Wednesday (24) with a slight decrease of 0.25% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian crude oil futures contract fell 0.22% to US$1,113.25/ton. For the week so far, futures have accumulated losses of 0.49% and 0.47%, respectively. 

In this trading session, commodity prices followed the negative yield of the commodity in Dalian Exchange (DCE), which closed down 0.46%. On the other hand, soybean oil rose 0.37% on the Chinese index.

Furthermore, commodity prices followed the drop in oil prices on the international market, after the gradual resumption of energy export flows by the country. Strait of HormuzThe government of Oman It allowed oil tankers to navigate the route and opened up two alternative routes through the north and south of the region to ensure the safety of the vessels. 

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

This text was translated by machine from Brazilian Portuguese.