Palm oil closes Monday with strong gains at MDEX.

The contracts for June and July of palm oil closed the session this Monday (18) with a strong increase of 1.74% in Malaysian Derivatives Exchange (MDEX)Prices for crude oil reached US$1,130.75/ton and US$1,138.75/ton, respectively. In this trading session, commodity prices were supported by the depreciation of the Malaysian ringgit against the dollar and the strength of rival edible oils – palm oil recorded new gains in Dalian and soybean oil also rose on the Chicago Board of Trade. However, further gains were limited by AmSpec Agri Malaysia's projection that Malaysian palm oil exports fell 16.5% in the first half of May. In addition, the Malaysian government reduced the benchmark price for crude palm oil for June, but kept the export rate stable at 10%.

This text was translated by machine from Brazilian Portuguese.