ATHENA MARKET BUZZ

1530 28062023 Athena Market Buzz Wednesday  Good morning, Mdex had a strong opening, surpassing the significant resistance level of RM 3750 for September. It settled at RM 3783+108 by lunchtime. However, news of lower exports led to long positions being liquidated, although trading remained above RM 3750. The palm oil market is poised for a rally towards RM 4000, supported by the current market dynamics. Even rival oils, including sunflower oil, are trading at higher prices than palm oil. As previously mentioned, palm oil is likely to encounter resistance around RM 3750. We advise our readers to exit long positions above RM 3750 and wait for prices to reach RM 4000 before considering short positions. Today, CPO to India was offered at 905-910 for most positions, and some trades were reported for WCI. On the other hand, China is showing more interest in rapeseed oil rather than palm or sunflower oil. While China is reducing interest rates to stimulate the economy, the local market i...

1530 26062023 Athena Market Buzz Monday Good morning, The trading day started on a positive note for Mdex, opening approximately 1.74% higher at RM 3683 (+63). However, profit taking occurred during the lunch period, leading to a market settlement at RM 3652 (+32). As previously mentioned, we continue to maintain our trading range for the time being. Once the market breaks RM 3750 for the September month, we may observe some selling pressure. We recommend long positions to be exited above RM 3750, while short positions should be initiated after reaching RM 4000. At the time of writing this report, there is an increased interest in India, and CBOT has experienced a 1.5% uptick. Improved liquidity in China has also contributed to Mdex trading at a day's high of RM 3722 (+102). In the morning, CPO to India was offered at USD 880 for most positions, but later there were price adjustments and increased offers. India has seen a reduction in temperatures, with scattered rains in most regi...