Athena Market Buzz

1330 04042023 Athena Market Buzz Tuesday 


Good Morning ,


Mdex opened unchanged but managed to make a days high for June at RM 3946 only to settle at lunch with +57 at Rm 3941. Mdex is making new highs every day denting bearish hopes and most of the funds are now closing their short initiated at RM 4000 now and changing the position to longs. We have slightly different opinion. As mentioned before longs initiated between RM 3450-3550 can be liquidated now and when the market crosses RM 4000 one can enter into fresh shorts between RM 4000-4250 level. Palm will require a lot of threshold to cross RM 4450 hence we will consider that as a very strong resistance. One the same token we see RM 3250 as a very strong support and it should remain intact for the coming 3 months at least. Exports from Malaysia are increasing and Indonesia is exporting less and less oil. India which is a very important palm consuming destination is finding some good demand in Local ROL despite of palm being as costly as Degum oil for spot months. CPO is offered today at USD 1040 CNF India and JNPT ROL is trading at INR 1000 Locally. These prices though are high but we still see some good demand and we will still maintain our short call over MR 4000 mark. 


CBOT bean oil settled higher last night with May settling up 119 at 56.68 and July up 116 at 56.78. Board is rallying with the weather news and some demand support from destinations like India and China. Basis on the other hand are loosing ground keeping flat price under check. April FOB sellers are at 1067 and MJJ at 1020 making CNF India offers for Most of the positions at USD 1100. These prices are just USD 50 higher to best offer on sunflower oil or CPO and it appears that it will find demand. We expected board to correct and basis to improve and we still feel as long as the 58.00 is defended on CBOT oil we have a chance for market to correct towards 52.50 or lower and basis to improve. On flat price we will maintain that levels of USD 1100-1150 CNF India are excellent levels to make longs and one can avoid buying once the prices cross USD 1250 mark. Locally in India degum is indicated at INR 1000 for ready with good buying support.


Ukraine sunflower oil is trading firm with sellers asking a price of USD 1040-1060 for April / May shipment. War continues to trouble most of the trade and the fear of grain corridor closing is also pushing destinations to buy and stock grains and sunflower oil. CSFO is about USD 50 cheaper compared to soybean oil for destinations like India or China and it will continue to find market at current levels. USD 900 CNF India will remain a long term support for sunflower oil and levels of USD 1150 -1200 will become resistance. With enough oil available for export in Ukraine and Russia we can expect this range to continue till end of current crop campaign unless any other macro factor influences the delivery of cargo. New crop planting is in progress and the heat wave could limit the crop size pushing prices higher for OND JFM. 


  • Argentina SBO
  • Apr 23 -830/-1000
  • MJJ 23 -1050/-1300
  • Brazil SBO
  • Apr 23 -850/–
  • May 23 -970/-1250
  • Jun 23 -1000/-1270
  • Jul 23  -1030/-1300
  • AS-23 -850/–
  • OND-23 -750/–
  • 6 ports Europe AMJ  1080 vs 1060
  • JAS   1100 vs - 
  • OND  1100 vs - 
  • JFM   1105 vs -
  • Palm oil Midday Market Close 
  • Bmd : Jun 3941 (+57)
  • H 3946 / L 3863
  • Vol :  25,209
  • Oln:  
  • Apr 1035 (deld) vs
  • May 1002.5 vs 
  • Jun 962.5 vs 
  • Jas 917.5 vs 907.5
  • Ond 902.5 vs 895 trd 900
  • Jfm 907.5 vs 892.5
  • Rbdpo: -7.5
  • Strn: Apr 965 (deld) 
  • Pfad: Apr 782.5 (deld)
  • Local Cpo: Apr 4300
  • Laurics
  • Cpko: Apr 243 (pk) / 245 (pg)
  • Rbdpko: Apr 1030
  • Rbdpkoln: Apr 950
  • Rbdpks: Apr 1385
  • Sbo :  
  • May 5678 (+10)
  • Jul 5689 (+11)
  • Aug 5646 (+12)
  • Dce :  
  • May 7850 (+102)
  • Sep 7452 (+62)
  • Black Sea sunflower oil May 860 vs —
  • Russian sunflower oil May 850 vs—
  • Spain indicated May at 1020 vs 1000
  • Italy indicated May at 1015 vs —
  • CIF India offered for April at USD 1055 vs 1040, May at 1060 vs —
  • Turkey  not indicated at the moment 
  • Currency INR 82.21, RM 4.40, Rub 78.63, and euro 1.0807



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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