The June contract of palm oil closed the session this Thursday (21) with a significant drop of 2.35% in Malaysian Derivatives Exchange (MDEX)The price of palm oil, quoted at US$1,111.00/ton, fell 2.57% to US$1,118.50/ton. For the week, futures accumulated losses of 0.04% and 0.07%, respectively. In this trading session, palm oil prices followed the devaluation of rival edible oils. On the Dalian Commodity Exchange, the… The most traded soybean oil contract fell 0.97%, while the palm oil contract retreated 2.02%. On the Chicago Stock Exchange, palm oil futures fell almost 1% the previous day (20).
The drop of more than 5% in oil prices on the international market also had repercussions, following news that three ships had successfully crossed the Strait of Hormuz, rekindling expectations of a gradual normalization of export flows in the region.
Cargo inspectors estimated that Malaysian palm oil product exports fell by as much as 20.5% between May 1st and 20th compared to the previous month.
On the radar, the Indonesian government's plan to channel palm oil exports through a central agency could disrupt the supply of the world's most widely traded edible oil.
This text was translated by machine from Brazilian Portuguese.