Mdex for sept had made a low… | 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 for sept had made a low of RM 3500 on Friday and we had mentioned it to be a good buy. Today the markets are already 300 points higher and we are safely trading for sept at RM 3900 much above RM 3750. From last Monday to Friday we had seen Mdex correcting over 14% and for the entire month we have seen markets coming down from RM 4900 all the way to 3514 on last Friday about 38%. Today we are up 10% from Fridays close and we can expect another 10% move on the up side. Sept month should move towards RM 4225 to keep the range intact and we could see more jump in the market. Indonesia reducing export duty was already factored into price and with CBOT supportive we should see positive price action. Once again if we cross RM 4450 we can go short again for sept month but it will be advisable now to trade in October month only with same price range. Buy below RM 3750 and sell over RM 4250 for profit booking and over RM 4450 go short. CPO to India was offered in the morning for Aug at USD 1075, Sept 1082.5 again this we have not seen any major local sales offer.
Bean oil settled higher on Friday with Aug +194 at 60.88 and Sept +233 at 59.12. We had suggested that an upward correction to 60.00 on CBOT for Aug was very much possible and Sept too should find lots of support around 57.50. At the time of writing this report Aug is further trading higher at 61.60 +152 and Sept at 60.52 +140 giving much needed support. Bean oil Aug will find resistance only at 64.50 and Sept should find resistance around 63.00 mark. We can safely see the prices further moving higher and we would suggest all our readers not to miss the opportunity. Flat price bean oil India this month for pricing highest traded was 1465 and lowest it traded at USD 1340 which today is being offered at USD 1410. We expect flat price bean oil to again go higher towards 1460 mark where one can again make some sales..
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