MDEX: Palm oil spot closes stable with a downward bias.

The November contract of palm oil closed the session this Wednesday (22) in stability with a downward bias (-0.07%) in Malaysian Derivatives Exchange (MDEX), quoted at US$ 1,108.00/ton. On the other hand, the December contract advanced 0.25%, to US$ 1,121.00/ton. 

Weighing on prices, the commodity was pressured by the negative yield of palm oil in Dalian Exchange (DCE), which registered a drop of 0.37%, while soybean oil retreated 1.4% in the Chinese index.

Already providing support to prices, quotations continued to be impacted by the significant increase in oil prices on the international market, amid the crisis in energy flows through the Persian Gulf.

Higher fuel prices make palm oil a more attractive option as a feedstock for biodiesel.

This text was translated by machine from Brazilian Portuguese.