Athena Market Buzz 02022023

 1520 02022023 Athena Market Buzz Thursday 

Good morning, Mdex opened lowed looking at the overnight weakness in Bean oil but is still finding support at RM 3750. Technically Mdex should find support at RM 3721 for April month and the upside could be tested at RM 4450. CNF CPO prices are about USD 980-990 for India but we have not seen any major trades. India deciding against increasing duty on palm should have helped the oil but with CBOT correction and not a good festive demand from Pakistan is limiting the upside. Sentiments are down and this is keeping the over all rally in check. We maintain that for making long one can look to cover oil between RM 3550-3750 and for making shorts one can do it around RM 4450. In between if you are long one can start booking profit at RM 4000-4250 and shorts can actually start covering now around Rm 3750-3800. Locally WCI CPO is quoted at INR 800 and ROL in ECI is trading at INR 910.


Bean oil corrected last night with march settling at 60.79 -154 and May at 61.03 -146 and at the time of writing this report we were trading marginally up. Fed increased the rates by 0.25 basis points but also said that the inflation is now in control which helped gold and other precious commodities rally. Funds should look to cover soft oils and this could result in supports around 57.50 and resistance around 64.50. Basis on the other hand should improve and we could see near by trading as high as -500 which at the moment is being offered at -680 and for march its at -890. Basis correcting up is minimising the downward pull on the prices as flat price India is still offered at USD 1231 for March and USD 1212 for April. We maintain that the prices for April becomes buyable around USD 1150-1200 levels and should largely find support. Locally in India bean oil is offered at INR 1080 against this the best bid is around INR 1040. 


Black Sea Ukraine sunflower oil is stable as the demand from other destinations like Turkey and middle is picking up. FOB prices are in the range of USD 1080-1100 and CIF India the indications are between USD 1240-1250. Ukraine is fearing a strong attack from Russians on this coming 24th Feb marking the anniversary of invasion last year. We have seen that in India  afloat parcels are getting traded cheaply and with the ample stocks in the tanks there is no hurry in Indians to price any cargo. JNPT India is holding large stocks and they will skip the Feb shipment. Disparity in sunflower oil is high and the cargo is being sold at levels below bean oil. This could eventually ease the stock pressure but with so many offers from every origin we don’t see a price rally. We will suggest our readers to maintain only spot longs and refrain from buying forward cargo. 


  • ARG SBO
  • Feb -680 vs -750
  • Mch -890 vs -950
  • MJJ -1050 vs -1200
  • BR SBO
  • Feb - vs -800
  • FM – vs -800
  • Mch - vs -970
  • Apr -1070 vs -1190
  • AM -1100 vs -1200
  • JJ -1120 vs -1220
  • AS – vs -1190
  • OND – vs 1110
  • 6 ports Europe SFO 
  • Mch  1200 vs 00
  • AMJ   1200 vs 1170
  • JAS    1210 vs 1170
  • OND  1200 vs  1160
  • Palm oil Midday Market Close 
  • Bmd : Apr 3783 (-32)
  • H 3793 / L 3728
  • Vol : 29,226 
  • Oln: 
  • Feb 940 vs 
  • Mar 945 vs 
  • Amj 955 vs 947.5 trd 947.5-952.5
  • Jas 955 vs 947.5
  • Ond 955 vs 
  • Rbdpo: -10
  • Strn: Feb 915 (deld) 
  • Pfad: Feb 695 (deld)
  • Local Cpo: Feb 3750
  • Laurics:
  • Cpko: Feb 234 (pk) / 236 (pg)
  • Rbdpko: Feb 1015
  • Rbdpkoln: Feb 965
  • Rbdpks: Feb 1430
  • Sbo : 
  • Mar 6096 (+17)
  • May 6121 (+18)
  • Jul 6113 (+16)
  • Black Sea sunflower oil March 1080 vs —
  • Russian sunflower oil March 1070 vs—
  • Spain indicated for march at USD 1230 vs —
  • Italy indicated for march at USD 1225 vs —
  • CIF India indicated at USD 1250 to do 1240 may be bids are not present 
  • Turkey indicated at USD 1200 vs —
  • Currency INR 82.11, RM 4.24, Rub 70.063 and Euro 1.0994



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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