ATHENA MARKET BUZZ

1530 31082023 Athena Market Buzz Thursday  Good Afternoon, Mdex showed Impressive recovery yesterday and just before their national holiday / Extended weekend we managed to settle over RM 4000 for Nov Dec Jan months. Palm having touched RM 4000 and settled over it may find more support and has the potential to rally all the way over RM 4250. AS mentioned before we had requested longs to exit around RM 4000 and if the price cross over RM 4250 to RM 4450 only then enter for fresh shorts. CPO to India is offered around USD 940 and ROL is being offered at USD 920 . We are hearing that some sellers may trade lower towards USD 910 but with so much of Imports to India local markets are already selling at a disparity. Destination ports like Kandla are worse with margins and are depressing the markets of whole country. Festival demand is expected to pick up in India and this will be catalyst in taking the prices higher towards RM 4450. Locally destinations are not advised to remain short an...

  1400 24082023 Athena Market Buzz Thursday  Good Afternoon, Its very clear that prices over RM 4000 will find a lot of selling and if we look at the charts most of the traders will agree with our view that it will be really safe to go short between RM 4250-4450 and one can sell to book profit or sell their longs back if we cross RM 4000. On other hand Support of RM 3750 seems intact for the short term and lows made on 9th of Aug this year (RM 3662) will be protected largely, We will suggest readers to cover shorts till RM 3750 and Make further longs if prices correct below RM 3650 so the range of RM 3450-3550 looks very safe to make longs. MDEX opened higher today and by lunch we had already made the highs to settle Nov at RM 3908 +78 which post lunch saw profit taking and is once again trading below RM 3900 at RM 3874+45. CPO prices to India are indicated at USD 930 for AS and we have not heard any trades so far. Locally in India ROL is getting offers at INR 85,000/- wit...