Athena Market Buzz 1530 18012023

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 attractive for funds to play current market range. CPO prices to India were offered at USD 990-1000 for FM and locally the Kandla market was looking to sell some at INR 79500/- 


Cbot bean oil opened unchanged and settled +78 for March at 63.84 and +60 for May at 63.50 which is trading 0.75% higher today as well establishing the supports of 62.50 for the time being. Basis on the other hand lost a little to make the flat price mostly unchanged. The spread between Soybean oil and Palm has reduced to just over USD 250 PMT on the other hand sunflower oil is being offered costlier to bean oil  and this makes bean oil very attractive. We maintain that for spot months prices between USD 1200-1250 looks attractive to make longs and price of USD 1150-1200 for AM are buyable as well for destination like India and may be China. Locally in India Bean oil prices started at INR 116000 spot but we have not heard any major trades as sunflower oil longs are trying to exit their positions and are virtually offering oil at a throw away prices and with huge discount to their possible purchase price. 


Ukraine is trying to export maximum produce as possible and sunflower oil is no different. We are getting offers from new sellers who are just pushing the cargo aggressively. Last night India was offered at 1280 for Feb shipment and we heard some space bookings as well. India continues to import cargo which is creating space issues and though we have already imported about 1.3 million MT from April to Dec we expect India to import another 0.7 million MT in JFM taking the total import for April to March at 2 million MT. Sunflower oil will not work over bean oil as there are more sellers and limited buyers. Unless we see any major bottleneck in shipment we will not attract customers as destinations have learned to live around existing supplies. On the down side we expect sunflower oil prices to bottom around USD 1150-1200 CIF India which is where one can even look to price forward months till then we suggest to keep buying spot cargo and replenish local demand. 


  • ARG SBO
  • Feb -1000 vs -1140
  • Mch -1050 vs -1150
  • MJJ -1000 vs -1200
  • BR SBO
  • Mch -1030 vs –
  • Apr -850 vs –
  • AM -1050 vs -1250
  • JJ -1030 vs -1250
  • AS – vs -1180
  • OND - vs -1180
  • 6 ports Europe last night close Feb   1190 vs 1150
  • Mch 1195 vs 1160
  • AMJ  1205 vs 1180
  • JAS   1225 vs 1190
  • OND 1215 vs 1185 today sellers are 10-15 higher 
  • Palm oil Midday Market Close 
  • Bmd : Apr 3853 (+58)
  • H 3859/ L 3805
  • Vol : 27,854
  • Oln: 
  • Feb 942.5 vs
  • Mar 942.5 vs 
  • Amj 942.5 vs 940 trd 940
  • Jas 945 vs 940 trd 942.5
  • Ond 945 vs 
  • Rbdpo: -10
  • Strn: Feb 905 (deld) 
  • Pfad: Feb 692.5 (deld
  • Local Cpo: Jan 3900
  • Laurics:
  • Cpko: Jan 237 (pk) / 240 (pg)
  • Rbdpko: Jan/Feb 1015
  • Rbdpkoln: Jan/Feb 965
  • Rbdpks: Jan/Feb 1460
  • Sbo : 
  • Mar 6415 (+31)
  • May 6375 (+25)
  • Jul 6331 (+23)
  • Dce : 
  • May 7820 (+58)
  • Sep 7840 (+72)
  • Black Sea sunflower oil FOB 1170 vs —
  • Russian sunflower oil FOB 1170 vs —
  • Spain indicated Feb at USD 1270 vs —
  • Italy indicated Feb at USD 1265 vs —
  • CIF India indicated feb at USD 1290 vs —
  • Turkey not offered at the moment 
  • Currency INR 81.24, RM 4.317, Rub 68.71, and Euro 1.0862

Vivek Pathak 

Athena Tradewinds 

(All views are personal and we do not claim to be 100 % correct. Trade very carefully and at your own risk) 

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