Not withstanding the rise in AUD, IPL is down due to Mosaic...

Not withstanding the rise in AUD, IPL is down due to Mosaic opening the Florida phosphate mine after winning a legal battle earlier this month. If you look at the rise in DAP prices this was caused in a timely fashion when the Florida phosphate mine was closed.

To recap your memory read the below:

http://www.reuters.com/article/2010/07/13/us-mosaic-analysis-idUSTRE66C5M320100713

Note - The Florida mine, which has about 15 years of phosphate reserves, produces about 6.5 million tons of the fertilizer each year. It represents about a third of Mosaic's annual phosphate capacity and 4 percent of the world's. This was a big event last year, that was overturned..it's a coincidental that IPL has fallen.

Saying that IPL has strong support at 3.70 and NPV at 4.30 it's becoming close to buy levels, plus the uncertainty in Middle East, and increase in phosphate demand in Asia Pac will keep IPL bullish. Short-term sell, long-term buy.