Mdex opened lower and made a day 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 opened lower and made a day low at RM 4500 for Sept before closing for lunch at Rm 4555 -153. The market has clearly tested the upside resistance at RM 5000 and will mostly toy around RM 4450 level now eventually to test major support level at RM 4250. Over all the export from Indonesia and Malaysia both shrank in the month of June resulting in stocks getting built up which could push the market little on the lower side however for next 2 months we could see range bound price movements. Over all the sentiments have turned bearish and this would result in destinations further reducing consumption.
On the brighter side USA Weather has improved and so are the rains in India. Most parts of India are experiencing rains which could lift the sentiments and with festive season approaching we could eventually see demand revival. The lows made in the month of July should be bought and we won’t suggest our reader to create any more shorts here. Shorts made around RM 5100 could wait a little and exit once we reach to RM 4250 and below. CNF India CPO was offered for July at USD 1270, Aug USD 1255 and Sept USD 1235. Locally the prices in INR for Aug shipment CPO is between 1090-1100 but we have not heard any trade.
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