Palm oil closes slightly higher on MDEX this Monday.

The May contract of palm oil closed the session this Monday (13) with a slight increase of 0.13% in Malaysian Derivatives Exchange (MDEX)The price of soybean oil, quoted at US$1,135.00/ton, rose 0.26% to US$1,146.00/ton. This morning, prices found support in the technical recovery movement after last week's losses and, mainly, in the appreciation of oil, which again exceeded US$100 per barrel. The rise in the energy commodity increases the attractiveness of vegetable oils for biofuel production, favoring the oilseed complex. The market also reacted to renewed tensions in the Middle East. The United States Navy is preparing to block maritime traffic linked to Iran in the Strait of Hormuz, after the failure of negotiations between Washington and Tehran to end the conflict. Despite external support, gains were limited by signs of weakening demand and higher-than-expected supply. According to cargo inspectors, Malaysian palm oil product exports between April 1st and 10th fell between 30.7% and 38.9% month-on-month. Furthermore, the related contracts negotiated in Dalian They closed lower, with soybean oil falling 0.39% and palm oil dropping 1.47%.

This text was translated by machine from Brazilian Portuguese.