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Spot accumulated a gain of 0.72% in the week.
The February palm oil contract on the Malaysian Derivatives Exchange (MDEX) ended this Friday's session (27) with a significant increase of 23.50 points and 2.64%, at US$ 912.75/tonne – weekly appreciation of 0.72%; that of March rose 28.00 points and 3.14%, at US$ 918.50/tonne.
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In the last trading session of the week, commodity prices were supported by the decision of Malaysia, the second largest global importer of palm oil, to maintain the product's export tax at 8% in February. Additionally, the country increased the reference price to 3,893.25 Malaysian ringgit.
The market remains attentive to the next steps of the coalition between the Malaysian and Indonesian governments in combating the negative effects of the European Union's anti-deforestation law, which makes it difficult to import vegetable oil.
Source: datagro
