Palm oil closes this Wednesday's session with a slight drop

Óleo de palma fecha a sessão desta 4ª feira em leve baixa

The December contract Palm oil on the Malaysian Derivatives Exchange (MDEX) ended this Wednesday's session (29) with a slight drop of 2.50 points and 0.31%, at US$ 801.75/tonne – weekly decrease of 0.71%, but gain of 4.84% in the month; that of January depreciated 3.25 points and 0.39%, to US$ 820.75/tonne.

Pressure for the Malaysian ringgit to rise against the US dollar, making the commodity less attractive for purchases in foreign currency.

The widespread decline in the Asian vegetable oil market has affected prices. On the Dalian Stock Exchange (DCE), palm oil recorded a loss of 1.11%, while soybean oil lost 0.05%.

The market continues to follow the dispute at the World Trade Organization (WTO) between Indonesia and the European Union.

Source: datagro

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