Image: Pixabay
The July palm oil contract on the Malaysian Derivatives Exchange (MDEX) ended this Monday's session (19) with a moderate drop of 6.00 points and 0.73%, at US$ 814.25/tonne; August fell 2.75 points and 0.34%, at US$ 813.25/tonne.
In the first trading session of the week, prices fell due to the technical profit-taking movement, after the spot accumulated gains of more than 11% in the previous week.
{module Form RD}
On the other hand, losses were mitigated by the possibility of lower vegetable oil production in Malaysia this year, after analysts projected that the commodity harvest in the state of Sabah, the country's main producer, could fall due to El Niño.
In Asia, the main financial market exchanges ended the session lower, with investors awaiting China's interest rate decision.
Furthermore, negotiations operate with less liquidity due to the Juneteenth, a national holiday in the United States.
Source: datagro
