Panic is the word… | 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.
Panic is the word every where and currently its mad rush to hedge or to book loss at least in palm. Indonesia which stopped exports is now busy issuing new quotas and the stocks at the destinations are actually low but origins are having high. We had mentioned before that price in the range of RM 3750 – RM 4000 for sept will become attractive to get out of shorts and infact traders can also make longs and indeed we managed to make a days low of RM 3735 on sept only to bounce back to trade around RM 3915-259 about 6% lower on palm. Currently sentiments are very weak and this could push the markets even lower however important support of RM 3750 if remain intact for two closings then we will be out of woods however if we close below 3750 we are in for testing even lower level of RM 3250 on MDEX Sept.
We would suggest our readers to make longs here and further buy as far forward as possible in order to buy time and market to reestablish confidence. Globally commodities are trading slightly lower after making all time highs. Inflation is major worry for nations and current levels of palm prices are a good sigh of relief and one must take advantage of this correction and not complain about price during last quarter of this calendar year. CPO prices in morning were offered July at USD 1100, Aug 1050, and Sent 1045 but we are not seeing any major buyers.
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