Mdex opened firm and by lunch… | 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 and by lunch Sept was already trading at RM 4754 +90 which later in the day saw more buying interest and at the time of writing this report were up 4.3% Sept at RM 4864+200. Markets which were under pressure have tested the supports of RM 4450-4250 and are back from the lows. As mentioned before we don’t see these lows being broken in recent future and we may find some resistance at RM 5000 and eventually more at RM 5250. We suggest our readers to go short only when the prices cross RM 5250 till then they can continue to sell only for profit booking.
Bean oil is higher because America is not going to change their bio fuel mandate and this is supportive palm. Demand in India and China is also supportive hence on lower levels we will continue to find buying interest. Funds which have booked profit from the levels of RM 7000 will find current levels interesting and they may also give much needed support. CNF Offers to India July 1330 and Aug 1320 WCI.
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