ATHENA MARKET BUZZ

1600 30012023 Athena Market Buzz Monday  Mdex opened firm and as expected the market attempted to jump to RM 4000. We made a days high in April of RM 3991and then we saw some selling and at the time of writing t his report we are trading April at RM 3930 +28. We expect the market to consolidate some here and we would suggest our longs to wait for prices to jump over Rm 4000 to exit and wait for RM 4250-4450 to go short. The supports of Rm 3750 are most likely to hold this week but if the prices go below RM 3750 then one should be ready to make longs between RM 3450-3750. Its been raining a lot in Malaysia and Indonesia with little damage on Palm. CPO price in India have jumped a little higher with indications at USD 1020-1030 against this we have not heard any local trade.  CBOT bean oil settled marginally lower on Friday with May at 60.83 -13, July 60.78 -5 which today is trading about 1.4% higher at May 61.44 +82, and July 61.63+81. Basis on other hand have improved to -750 for spot

1400 27012023 Athena Market Buzz Friday  Mdex opened firm and as expected jump from 3750 is targeting RM 4000 on the upside where it may feel some more resistance. At lunch MDEX settled at RM 3857 +1.9% and at the time of writing this report is also trading around there only. Exports are slowly picking up and the loss of export will be lesser as we look at 1-31 Jan export numbers. We expect today the markets to remain firm and with some more strength coming in soft oils flat price we could attempt to touch RM 3900 today or early next week. Over all view is same  a maximum 10% downside risk around RM 3750 with a potential of 20% jump eventually. We would suggest our readers to make longs between RM 3450-3750 and sell it once we cross RM 4000 . Be ready to short the market once we cross RM 4250-4450.  CPO prices to India are maintained at USD 995-1005 and we expect it to find decent support here. Locally ROL is trading in India at 900 and we heard some business WCI already.   Cbot bean o

1500 24012023 Athena Market Buzz Tuesday  A very happy Chinese new year to every one , may the year of rabbit 🐇   makes you all prosperous and productive.  MDEX is closed even today and the markets will open tomorrow. As expected the Palm markets have defended the correction and has kept over RM 3750 last week and this week too the supports will be tested and we expect that the prices could remain very range bound between RM 3750-4000 but could be very volatile. Sentiments are weak and destinations like India are full with stocks. China will come back only next week till then the direction to this market will either come from Crude oil or from US markets. Brent is now nearing 89 and as expected it may soon go to 100 rubbishing all the rumours about economic slow down which should help palm technically. We will repeat that prices between RM 3450-3750 are worth making longs and prices around RM 4450 and higher are worth making shorts, In between key supports like RM 3750 should be used

1530 19012023 Athena Market Buzz Thursday  Mdex opened firm and by lunch April was trading at RM 3902 in its attempt to touch RM 4000. We made highs of RM 3918 before lunch and soon post lunch the market started booking profits and we saw it slipping into red and we were trading lows of RM 3850.  Crude oil is still trading over 80 (84.06) and demand from destinations like China and India expected to rise helped buying at low levels and we are once again up 1% at RM 3903 +36. CPO offers to India were mostly unchanged between 985-1010 depending on the shipment month. Locally the sentiments are little down but we are also not seeing very aggressive sellers at lower levels. Next week we can see some more action and we will repeat that once we touch RM 3750 or lower it becomes excellent buy and if we cross RM 4000 then prices near RM 4450 will become worth shorting again. For profit taking one can sell when prices move over RM 4250.  Cbot bean oil closed marginally up again with March +28 a

1430 18012023 Athena Market Buzz Wednesday  Mdex opened firm and by lunch April was trading 1.5% higher at RM 3853 which at the time of writing this report is more or less same. Rumours of India importing duty resulted in some selling yesterday in Malaysia markets and this was also heard in Rotterdam but with CBOT moving higher palm is also getting some positive direction. After closing below RM 3800 the floor was at RM 3750 and as mentioned before technical buying lifted the sentiments. We will repeat that the levels of RM 3750 most likely will be defended this week and prices between RM 3450 to 3750 becomes excellent buy for long term. Exports to China and India both are coming down which will have its impact on MDEX but we strongly feel that the down side should be limited to 10% once we come near RM 3750 while the upside with demand resuming could be as high as RM 5000 this year. Most of the oils are trading a multi month lows and it should boost investor confidence as its attracti

1530 17012023 Athena Market Buzz Tuesday  Mdex opened marginally higher and by lunch we were trading just around there  with April at RM 3861+9 and at the time of writing this report we are trading unchanged at RM 3854 +2. Palm is looking for direction and is finding resistance in moving higher. Ringgit weakness is also a factor in current MDEX and we still feel that RM 3750 will be defended. Longs have mostly exited their positions and fresh long will start happening between RM 3550-3750. We are already trading a lower range of market which can correct another 10% giving a good opportunity again on the up side.  Indian market is still have rumours about increase in duty on palm which should push the market lower. We would suggest our readers not to panic and wait for a rally to short again. CPO in India is offered near by at USD 980 and forwards at USD 1000. We have  heard locally business at INR 785 and there were further buyers at the same price in Kandla. Cbot bean oil was on break