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 3654 +86 however later in the day more selling pressure due to higher stocks at Indonesia Malaysia resulted in trading lower. Today sept made a low of RM 3514 and once again it bounced from lows and is trading currently at RM 3602 +34. As mentioned before for us current levels on Palm are excellent to make longs. Remember the price of palm are coming down due to higher stocks and lower demand and with India buying palm every day we should soon see upward movement. Technically the MDEX is making lower lows every day and if the trend needs to change we should see higher lows next week. From the top we have seen the market correcting 50% and such correction if owned now will give profits in the long run. India traded CPO for Aug at USD 1000 and then at USD 990 again. Locally we have not heard any trade in CPO.
CBOT bean oil once again found resistance and settled Aug 58.14- 86 and Sept 56.79 -90 as mentioned before Aug is still holding over 57.50 and our long term supports still hold valid at 54.50. Today being a Friday we can see some buying and price may again tend to move higher. An upward correction to 60.00 can’t be ruled out for Aug month which currently is trading -19 at 57.95. Basis too have mostly remained unchanged keeping flat price lower. India priced good volumes in degum oil around USD 1350-1370 which is available today at USD 1335 for JAS months. We will still recommend Edible oil players in India to use this opportunity and downside from current prices looks limited. Once again if the weather stories regarding excessive rains and crop damage will be circulated in India and we could see market recovering from the lows. Locally buyers in Bean oil have started asking for INR 110,000/- against this best sellers were only at INR 116,000/- making market mostly trade less.
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