Athena Buzz

1530 10082023 Athena Market Buzz Thursday 


Good Morning, 


Mdex opened lower in the morning and by lunch we were trading over 1.3% lower with October at RM 3720 -51. Later healthy export numbers and stocks around 1.73 million turned the sentiments bullish and we saw the market trading in positive zone making highs of RM 3803 just before correcting again and at the time of writing this report we are again below RM 3750 trading at RM 3727-44.  As mentioned before the prices will have to move a little lower towards RM 3450-3550 range where one should not be bearish at all and own the Palm oil. We will repeat that prices between RM 3750-4000 will be used to exit longs and prices between RM 4250-4450 should be used to make shorts. Friday should open positive as we are seeing some consolidation today and if the market closes below RM 3700 today then we will see profit booking tomorrow and prices can again attempt to cross over RM 3750 else we will still see some more pressure and tomorrow we will make new lows. CPO to India was offered between USD 920-925 for various positions but India traded Aug CPO at USD 910 . We will see good business in CPO between USD 850-900 level and we will suggest our readers to make longs around here. 


CBOT bean oil is not doing much and last night it settled Oct up 43 at 61.69 and Dec up 58 at 60.43 which at the time of writing is trading Oct down 2 at 61.67 and Dec down 13 at 60.30 with basis unchanged most of the flat price indications are also unchanged. US weather is in its important phase but looking at higher corn there is possibility that bean oil too can recover and we may not have too much loss. We expect CBOT to come under pressure and trade below 60.00 soon and prices after consolidating around 57.50 could find long term supports at 54.50. We would suggest our readers to make CBOT longs between the said range and basis could be bought even now. On Flat price basis India today is offered at USD 1030-1040 and with disparity of USD 60/- we don’t see Indians as very keen bean oil buyers. Prices if correct below USD 1000 will find buyers and Indians could buy few more Aug shipment till they harvest their own crop this Sept 2023. 


Black Sea sunflower oil is trading about 1020 China, about 990 Spain , Turkey at 945 and about USD 1010 India and still some more oil is available for exports. War so far has pushed the prices lower but we are surprised by major analytics pegging Ukraine crop almost equal to last year. Our internal sources targets crop at least 10% lower and the same is not factored into the prices. We maintain that prices between USD 900-950 will be excellent to buy for OND and prices between USD 950-1000 are good to go long for A/S. India is still trading a little disparity and in order for prices to rally we have to see some shortage of oil in local market or origins which is not the case at the moment. 


  • Argentina SBO
  • AS 23 -2000/-2150
  • OND 23 -1500/-1700
  • JF 24 –/-1600
  • Brazil SBO
  • Aug 23 -2050/–
  • Sep 23 -2020/-
  • Oсt 23 -1690/-
  • OND 23 -1600/-
  • JF 24 –/-1650
  • Mch 24 -1430/-1850
  • AM 24 -1400/-1850
  • JJ 24 -1380/-1850
  • 6 ports Europe Sfo ond 990 v 960 jfm 1000 v 975 amj 1020 v 985
  • Palm oil Market Close 
  • Bmd : Oct 3727 (-44)
  • H 3803 / L 3717
  • Vol :  62,430
  • Oln  
  • Aug 857.5 vs 
  • Sep 857.5 vs 
  • Ond 865 vs 857.5 
  • Jfm 885 vs 877.5
  • Amj 882.5 vs 875 
  • Rbdpo: -5
  • Strn: Aug 805 (deld) 
  • Pfad: Aug 810 (deld)
  • Local Cpo: Aug 3750
  • Laurics
  • Cpko: Aug 247 (pk) / 250 (pg)
  • Rbdpko: Aug 990
  • Rbdpkoln: Aug 945
  • Rbdpks : Aug 1130
  • Sbo :  
  • Sep 6406 (-15)
  • Oct 6167 (-2)
  • Dec 6031 (-12)
  • Dce : 
  • Sep 7458 (+98)
  • Jan 7388 (+82)
  • Black Sea sunflower oil indicated USD 920 vs 900
  • Russian sunflower oil indicated at USD 910 vs—
  • Spain offered for AS at USD 1000 vs 980
  • Italy offered for AS at USD 995 vs —
  • CIF India indications are around USD 1010 vs —
  • Turkey indicated at USD 960 vs 940 
  • Currency INR 82.62, RM 4.56, Rub 97.15, and Euro 1.0984.

Thanks and regards


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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