MDEX: Palm oil trades sharply lower on Tuesday.

The April contract of palm oil closed Tuesday's session (17) with a sharp drop of 1.47% in Malaysian Derivatives Exchange (MDEX)The price for the May contract fell 1.31% to US$1,170.75/ton. The May contract was quoted at US$1,159.00/ton. 

In this trading session, commodity prices were pressured by the 0.31% appreciation of Malaysian ringiquat against the dollar, a factor that makes palm oil more expensive for foreign buyers.

Limiting further losses, palm oil recorded a 0.3% increase in… Dalian Exchange (DCE)On the other hand, soybean oil fell 0.78% in the Chinese index. 

Furthermore, Malaysia's independent cargo inspection companies, Intertek Testing Services and AmSpec Agri MalaysiaThey projected an increase of between 43.5% and 56.9% in the country's palm oil exports between March 1st and 15th. 

Furthermore, prices continue to be affected by volatility in the oil market, amid the crisis in the Middle East. Higher fuel prices make the commodity a more attractive option as a feedstock for biodiesel.

This text was translated by machine from Brazilian Portuguese.