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Athena Market Buzz

1430 07082024 ATHENAMARKETBUZZ WEDNESDAY Good Morning, **MDEX Markets:** Equity markets have been quite volatile, with Japan leading the fluctuations. After significant losses, the market rebounded yesterday and partially today. However, MDEX performed as anticipated, dropping below the RM 3750 mark. Traders might misinterpret this and suggest short positions or exiting longs. Previously, we recommended entering long positions between RM 3550-3650 and exiting between RM 3950-4000. Now, we suggest initiating longs between RM 3650-3750 and exiting around RM 4000. Currently, October contracts are trading at RM 3695-10, near the day's low. Given the global tensions and unstable business environment, commodities may become a new hard currency. Shorting at RM 4250 and above seems safe for now, but we will reassess as conditions evolve. **Palm Oil CASH Market:** CNF India traded several times yesterday for ROL between USD 940-92.50, and today sellers are around USD 940, but buyers are hes
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Athena Market Buzz

  1430 08072024 ATHENAMARKETBUZZ MONDAY HBDAARI Palm Oil Market : The palm oil market is very slow today in India as MDEX is closed and traders are not getting any direction. Such days are important as most of the consolidation happens during a holiday, followed by short covering on the opening day. Our view remains unchanged: as the market progresses towards RM 4150 and above, we advise our traders to start making small shorts, increasing them once we test RM 4450, while buying during corrections towards RM 3750. Production is decreasing, India is entering the festive season, and demand for edible vegetable oil is increasing, which will provide enough support. Bearish traders are looking at crude oil prices, hoping that softer crude could put pressure on vegetable oil, but we expect crude to remain stable and slowly inch higher towards 100 by the end of this year when the requirement for heating oil increases. In India, offers are mostly unchanged from Friday, and there are not m
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