Athena Market Buzz 17012023 Tuesday

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 last night and electronically its trading marginally lower with March at 62.59-47 and may at 62.38 -52. Supports of 62.50 are tested again and we could see some pressure again at the opening. Over all we maintain our view that CBOT bean oil will become a buy at 57.50 or lower and currently there could be some correction but flat price should largely hold CNF India range for near by cargo between USD 1200-1250 and for MA between 1150-1200. Locally we are hearing some bean oil trades in Kandla at INR 1160 but have not heard any business in JNPT. Most of the demand is coming from up north and Maharashtra /central india is mostly consuming oil from local crush. 


Black Sea sunflower oil Ukraine was offered last night at USD 1290-1300 CIF India and buyers were not keen to pay the same. Locally South of India is getting full with oil and with LC payment commitments, costly storage we are seeing panic sellers. Sunflower oil locally in Chennai refine oil is trading at INR 1190-1180 and crude sunflower oil sellers may do trade between INR 1110-1100 vis a vis JNPT where sellers are hinting to sell cargo at INR 1140-1150. At current levels under normal condition we would suggest sellers to hold but excess imports and their panic is giving good opportunity to refiners for owning this oil and eventually passing the same to consumer. India will have to bring consumer pack prices down in order to generate demand and till that happens the premium demanded will keep customers at bay. Ukraine continues to fight with Russia and keeps asking for more weapons from west. Its appears that this spring could turn nasty as we are past any reasoning. 


  • ARG SBO
  • Feb -880 vs -1050
  • Mch -1000 vs -1100
  • Apr -1000 vs -1130
  • MJJ -1000 vs -1150
  • BR SBO
  • Feb - vs -980
  • Mch -1050 vs –
  • Apr -1000 vs -1200
  • MJJ -1000 vs -1200
  • 6 ports Europe SFO 6 ports
  • FM    1200 vs 1160
  • AMJ  1210 vs 1180
  • JAS   1230 vs 1200
  • OND  1220 vs 1190
  • Palm oil Midday Market Close 
  • Bmd : Apr 3861 (+9)
  • H 3883/ L 3841
  • Vol : 14,509
  • Oln: 
  • Feb 947.5 (deld) vs
  • Mar 947.5 vs 
  • Amj 947.5 vs 940
  • Jas 947.5 vs 940
  • Ond 947.5 vs 
  • Rbdpo: -10
  • Strn: Feb 910 (deld) 
  • Pfad: Feb 695 (deld
  • Local Cpo: Jan 3900
  • Laurics:
  • Cpko: Jan 237 (pk) / 240 (pg)
  • Rbdpko: Jan/Feb 1010
  • Rbdpkoln: Jan/Feb 960
  • Rbdpks: Jan/Feb 1460
  • Sbo : 
  • Mar 6279 (-27)
  • May 6263 (-27)
  • Jul 6228 (-28)
  • Dce : 
  • May 7768 (+40)
  • Sep 7772 (+18)
  • Black Sea sunflower oil spot 1180 vs —
  • Russian sunflower oil spot 1170 vs —
  • Spain indicated Feb at USD 1270 vs —
  • Italy indicated Feb at USD 1265. Vs —
  • CIF India indicated at USD 1290 vs —
  • Turkey not offered at the moment
  • Currency INR 81.74, RM 4.326, Rub 68.43, and Euro 1.0830

Thanks and regards


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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