MDEX: Palm oil tracks performance on the DCE and closes higher.

The July contract for palm oil closed Monday's session (6) with a moderate decrease of 0.78% in Malaysian Derivatives Exchange (MDEX) , quoted at US$ 1,099.25/ton. The August contract advanced 1.21%, to US$ 1,108.50/ton. 

In this trading session, commodity prices followed the positive performance of palm oil in Dalian Exchange (DCE), which closed up 1.06%, while soybean oil advanced 1.03% in the Chinese index. 

Furthermore, Malaysian ringiquat depreciated by 0.37% against the dollar, a factor that makes palm oil cheaper for foreign buyers. 

Limiting further gains, prices were impacted by the price of oil on the international market, following the Organization of the Petroleum Exporting Countries and allies (OPEC+) announce an increase of 188,000 barrels per day (bpd) in the production quota for August. 

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.