ATHENA MARKET BUZZ

1500 28042023 Athena Market Buzz Friday  Good Morning , Bearish factors continue to put pressure on all commodities Specially entire Agri complex. Mdex however is holding on current levels very well and lower stocks , increased DMO is helping the prices to remain stable. Palm opened lower but by lunch was mostly unchanged at RM 3455 which at the time of writing this report is trading at RM 3450 -5.  India is riddled with cheap imports, strengthening rupee and demand from Industry to increase import duty. Yesterdays correction in Palm and bean oil could also be attributed to short sellers from India who expect some clarification by today evening on import duties as Monday will again be holiday. Palm  is slowly correcting to the levels of Rm 3250 which is where we can expect it to stabilise today but with duty rumour and current momentum we won’t be surprised if it attempts to break RM 3000 mark next week. CPO is very costly compared to other oils in India and it won’t make...

1530 26042023 Athena Market Buzz Wednesday  Good Morning , Mdex opened lower and by lunch July settled at Rm 3597 -38 which at the time of writing this report is trading at Rm 3573 -62 and it appears that we will be testing the support of RM 3450 soon. Palm is already over priced and with increased supply of soft oils things are not looking bullish at all. Its remarkable that palm is holding the current levels too well but it will just the matter of time when we break supports of Rm 3450 and trade towards RM 3250. We will suggest our readers to make longs once we touch the levels of RM 3450 and below with a stop loss at RM 3250. In a rally one should be ready to book profits when MDEX crosses RM 3750 and go short if prices rally over RM 4000. CPO to India was offered for May at 1010, June at 960 and these prices are more or less equal to bean oil offers hence no demand.  Bean oil settled -62 for July at 52.14 and -58 for aug at 51.91 which is marginally up at the time of writi...