MDEX: Palm oil spot closes lower on Friday.

The August contract of palm oil closed the session this Friday (24) with a slight drop of 0.20% in Malaysian Derivatives Exchange (MDEX)The price for the Brazilian futures contract rose 0.22% to US$1,121.50/ton. On the other hand, the September contract advanced 0.22% to US$1,142.50/ton. For the week, the contracts accumulated gains of 1.15% and 2.24%, respectively. 

Weighing on prices, they were impacted by the significant drop in oil prices on the international market, following the technical profit-taking movement practiced by investors. 

Lower fuel prices make palm oil a less attractive option as a feedstock for biodiesel.

Already providing support to prices, commodity prices were boosted by positive palm oil yields in Dalian Exchange (DCE), which registered a 1.66% increase, while soybean oil advanced 1.33% in the Chinese index.

This text was translated by machine from Brazilian Portuguese.