Athena Buzz

 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/- with little interest. Execution of pending contracts is the key at the moment and we can expect once the month ends we will see fresh demand. India will be celebrating festivals and with improved weather and clear skies we can once again expect high imports of Palm supporting flat price ROL CNF India between USD 800-850.


CBOT bean oil after the over reaction settled itself and we saw yesterday close for Oct at 64.32+116 and Dec at 62.97+117 which at the time of writing this report was trading lower again with Oct at 63.65 -67 and Dec at 62.41 -56. Basis on the other hand are sliding with CBOT rise and hence the flat price is mostly unchanged. CNF India the offers are saying at USD 1000-1010 and Sunflower oil offers against this are holding at USD 970. If there is some more correction we can actually see bean oil trading below sunflower oil and it will become very attractive to make longs. CBOT on its own looks over bought and we can expect strong correction in the same however if that happens basis will adjust accordingly making flat price mostly unchanged. Destinations are best in buying flat price cargo at the moment and we would suggest them to actually make longs now. Weather still is crucial for the soybean crop in USA but not so much here in India . We can expect normal crop of beans but lower crop in USA which could limit the correction of bean oil prices to USD 900 CNF India. We will repeat that even current levels are attractive to make longs for near by and for forward months one can wait for prices to touch USD 950 CNF India and Make longs there too. Locally bean oil is still offered at a disparity of USD 50 PMT which is roughly the local duty in Indian markets.


Black Sea sunflower oil is holding at current levels some Russian sellers are asking a price of USD 990 for Sept and other side Ukrainian are also trying to offer around USD980 . New crop sunflower oil is not offered but we can expect it to be in range of USD 960-970 PMT.  Turkey some trades yesterday were reported at USD 930 but we can’t confirm it for sure. Spain is indicated at USD 950 and Italy at USD 945. Over all fundamentals remain the same with larger crop in sight we would suggest our readers to wait for prices to correct below USD 950 CNF India to make longs for OND. Till then consume the local stocks and do not over trade. 


  • Argentina SBO
  • Sep -2280 vs -2380
  • Oct -2000 vs -2300
  • OND -1950 vs -2180
  • JF      ?? vs -2050
  • Mar -1500 vs -2000
  • Brazil SBO
  • Sep -2350 vs -2450
  • Oct -2080 vs -2200
  • OND -2030 vs -2130
  • JF ?? vs -2150
  • Mar -1550 vs ??
  • 6 ports Europe yesterday close Sep 950 v 920 ond 955 v 920 jfm 970 v 930 amj 990 v 945
  • Palm oil Midday Market Close 
  • Bmd : Nov 3908 (+78)
  • H 3938 / L 3833
  • Vol :  38,722
  • Oln  
  • Sep 880 vs 865
  • Oct 885 vs 
  • Ond 890 vs 880
  • Jfm 905 vs 895
  • Amj 905 vs 895
  • Jas 895 vs 
  • Rbdpo: -5
  • Strn: Sep 810 (deld) 
  • Pfad: Sep 810 (deld pk)
  • Local Cpo: Aug 3900
  • Laurics
  • Cpko: Sep 238 (pk) / 240 (pg)
  • Rbdpko: Sep 960
  • Rbdpkoln: Sep 915
  • Rbdpks : Sep 1090
  • Sbo :  
  • Sep 6581 (-34)
  • Oct 6407 (-25)
  • Dec 6279 (-18)
  • Dce : 
  • Sep 7762 (+114)
  • Jan 7716 (+142)
  • Black Sea sunflower oil AS 840 vs —
  • Russian sunflower oil AS 830 vs —
  • Spain offered for AS at USD 950 vs —
  • Italy offered for AS at USD 945 vs —
  • CIF India indicated for Russian origin sept at USD 980 and OND at USD 970 vs —
  • Turkey indicated for SPOT cargo at USD 930 vs —
  • Currency INR 82.46 , RM 4.63, Rub 94.60 and Euro 1.0856 

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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