
The September contract of Palm oil on the Malaysian stock exchange closed the session this Thursday (8) with a moderate increase of 4.50 points and 0.54%. This, quoted at US$ 842.50/ton, but with a weekly devaluation of 4.59%. The October maturity advanced 4.50 points and 0.55%, traded at US$ 827.75/t.
In this session, traders adjusted their positions, in view of the losses at the beginning of the week.
The most-active soybean oil contract on the Malaysian Exchange rose 1.32%, while the palm oil contract gained 0.74%.
Also supporting the commodity, oil prices rose the day before (7), after data from the Energy Information Administration (EIA) showed a decline in oil inventories in the United States – reserves fell by 3.728 million barrels last week, compared to expectations of a drop of 1.600 million barrels.
However, capping gains, the Malaysian ringgit appreciated 0.71% against the dollar, making the commodity more competitive for foreign buyers.
The strike by the two main unions of workers at soybean oil factories in Argentina remains on the radar, in addition to the investigation by the US Environmental Protection Agency (EPA) into a possible action that at least two biodiesel producers may be using fraudulent raw materials.
Source: datagro