Athena Market Buzz

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 at 64.12 and May +25 at 63.75 which at the time of writing this report is trading unchanged. Argentina weather is improving , Price of beans and meal rose allowing India to almost export double the usual meal export helping price of beans in local markets. Locally in India we are still trading soybean at INR 5800-6000 range and it appears that we will continue to trade here for coming months. Soybean oil is the strongest at the moment and with palm moving higher we also expect some support to spot bean oil prices. Correction in Beans and meal prices could result in providing support to veg oil prices. Basis should improve even if we see correction on CBOT bean oil and as mentioned before prices first should touch 57.50 and only then it will become interesting to make longs. Flat price basis we maintain our view of pricing spot cargoes between USD 1200-1250 and forward cargoes at USD 1150-1200 CNF India basis. Locally bean oil indications were at INR 112000 but today the sellers are asking higher prices and not willing to trade lower. Sunflower oil is giving some competition to Bean oil as we heard panic sellers sold Jan shipment sunflower oil in JNPT at INR 108,500 and there were further buyers but sellers asking now 110,000/- against bean oil offers at INR 113,000/-. 


Ukraine is asking for weapons from Europe /USA and Russia is blaming west for consequences. It appears that there could a be a strong retaliation from Russian side only then west would agree for a peace talk. We fear that next few months can prove dangerous for our friends in Ukraine and it may soon also face issues in Export. Russia Turkey and Ukraine have so far managed to export cargo but with situations not improving it may result in blockage of cargo which will result in destinations prices jumping higher.  We heard the offers for sunflower oil CNF India at USD 1290 and locally we are hearing desperate trades In Chennai at INR 106000/- and In JNPT jan shipment at INR 108500/- These levels are very aggressive levels and put sunflower oil as the cheapest soft oil in India and will help increase the consumption. Refiners who have costly cargo are still trying to minimise their loss and selling packed goods at a premium which defeats the purpose of TRQ and also result in limited consumption. 


  • ARG SBO
  • Feb -980 vs -1050
  • Mch -1080 vs -1150
  • MJJ -1100 vs -1170
  • BR SBO
  • JF – vs -1050
  • Feb – vs -1050
  • Mch -1020 vs –
  • Apr -1100 vs –
  • AM -1150 vs -1300
  • MJJ -1100 vs -
  • JJ -1150 vs -1300
  • AS – vs -1180
  • OND - vs -1150
  • 6 ports Europe RSO FDM (€)
  • Feb-23 1100/1050
  • Mar-23 1117/1070
  • Apr-23 1130/1080
  • MA-23 1125/1075
  • FMA-23 1117/1067
  • Palm oil Midday Market Close 
  • Bmd : Apr 3902 (+35)
  • H 3910/ L 3850
  • Vol : 18,521
  • Oln: 
  • Feb 952.5 vs
  • Mar 9525 vs 
  • Amj 952.5 vs 947.5 trd 950
  • Jas 952.5 vs 947.5 trd 950
  • Ond 952.5 vs 
  • Rbdpo: -10
  • Strn: Feb 915 (deld) 
  • Pfad: Feb 695 (deld)
  • Local Cpo: Jan 3950
  • Laurics:
  • Cpko: Jan/Feb 239 (pk) / 242 (pg)
  • Rbdpko: Feb 1030
  • Rbdpkoln: Feb 980
  • Rbdpks: Feb 1470
  • Sbo : 
  • Mar 6433 (+21)
  • May 6387 (+12)
  • Jul 6339 (+15)
  • Dce : 
  • May 7884 (+72)
  • Sep 7892 (+68)
  • Black Sea sunflower oil FOB 1170 vs -
  • Russian sunflower oil FOB 1170 vs — 
  • Spain indicated Feb/ March  at 1275 vs —
  • Italy indicated Feb/ march at 1270 vs 1220
  • Turkey yesterday traded USD 1223 and is now offered at USD 1235 
  • CNF India indicated at USD 1290 for FM
  • Currency INR 81.29, Euro 1.082, RM 4.3060 and Rub 68.78


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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