Mdex was lower in the morning… | 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 was lower in the morning with lunch closing Aug at RM 6428 -54 only to recover back over RM 6450 and at the time of writing this report palm was up 145 points in Aug at RM 6528. The reason for this rally lie in Rumours of India reducing duty again and if the movement in MDEX is to be believed India may reduce duty on palm as well and on other hand Malaysia may also reduce the CPO export tax to 6% max but nothing can be said firmly.
All these are just rumours and this resulted in massive short covering . Indonesian process to apply for export quota may be online next week but industry experts feel that it will be even longer.
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