Mdex opened slightly lower 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 slightly lower and by lunch we settled Sept 4908 -14. G7 countries continuing to keep bio fuel mandate gave hopes to Bean oil and also other commodities are rising due to on going war between Russia- ukraine , helping palm oil recoup initial correction and at the time of writing this report we are trading Sept at RM 5030 +108. As mentioned before we saw the resistance at RM 5000 and if we manage to close over RM 5000 today we will see major resistance at RM 5250.
We also mentioned that sellers who want too short the market should wait for prices to cross RM 5250 and only than think of going short. Small corrections in palm which will put the prices under 4750 should be used to make longs till we don’t see clarity on entire supply and demand. CNF India was very volatile and the offers on CPO were Aug 1355 and against this local market not trading today.
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