Palm Oil – Mdex open unchanged for July… | Report
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By Athena Tradewinds.
Athena Tradewinds is an Indian company specializing in the sale of Sunflower oil, Sunflower meal, and Soybean oil. Athena Trade Winds is one of the top 10 importers in India of these commodities.
Mdex opened firm with July at RM 6638 +109 and Aug 6346 +114 which around lunch settled July 6558 +29 and Aug 6270 +38. Initially the news was that the export quota Indonesia has allocated to 61 plants and roughly it was only 2000 mt each plant but later the news came that some plants got even 51000 mt to export settling market nerves. At the time of writing this report we are up again and July is trading at RM 6560 +31 and Ash 6300 +68.
Market is moving in both the directions today and with more news coming out we will be seeing more volatility. Exports from Malaysia is expected to be 25% higher compared to previous month. To our readers we will suggest that levels over RM 6450 for Aug are worth selling and one can wait to buy if prices come between 5750 – 6000. With the food security concerns across the world long term we don’t see a price collapse but a gradual correction where destinations will not be burdened to accept veg oils.
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