Athena Market Buzz

1330 25092023 Athena Market Buzz Monday 



Good Afternoon,


Mdex opened about 0.5% higher and after making days high  before lunch at RM 3728 it settled Dec at RM 3720 +39 and at the time of writing this report we are trading marginally higher for Dec at RM 3689 +8. Palm has consolidated a lot and its clear from the movement that it will fail to break the resistance of RM 3950-4000 soon and gradually it will drift towards the long term support of RM 3450. Technically the RSI is below 50% mark which would keep the buyers away and we will see some more pressure eventually. All the rallies in MDEX will give an opportunity to exit longs and as mentioned before we would suggest our readers to enter making longs between RM 3550-3450 mark with a stop loss at MR 3250. Spread between ROL and CPO has increased to USD 15 today and we will eventually see it going back to USD 25-30 PMT. CPO offers to India in the morning were at USD 865 and ROL was indicated at USD 850. INR prices of ROL are still indicated around INR 810 for Chennai with some buying interest. Palm should find support around USD 800-825  as Sunflower oil prices have stopped correcting lower and this could spike the interest of Indians in Palm oil. We are trading in a narrow range and this could be really choppy for traders as chances of high volatility are absent till we see any major change in macros. 


CBOT bean oil settled higher on Friday with Dec up 122 points at 59.62 and Jan up 114 points at 58.95 which at the time of writing this report is trading about 0.6% lower across all the positions with Dec down 45 at 59.17 and Jan down 36 at 58.59.  CBOT beans also settle marginally higher after touch the lows from 8th Aug and it appears that beans will drift below 12.50 soon. Basis on the other hand were mostly flat and thus we see slightly higher offers for Degum CNF India. Once again the prices have climbed over USD 1000 mark and most of the positions are indicated around 1005. Degum oil India locally is still trading at a huge disparity and we see less and less aggressive sellers. Parity at current prices are around INR 90,000/- vs sellers currently asking duty paid oil at INR 85,000/- giving a back to back negative margin of USD 60 PMT. We feel that the board should correct towards 57.50 soon and eventually find support at 54.50 with basis mostly maintaining at -1500 mark. CNF India for degum soybean oil will find strong supports around USD 900 and we suggest our readers to make longs when prices drift below USD 950 and try to secure cheaper Russian origin bean oil as it will still be available at USD 30-40 discount over South American origin. 


Ukraine sunflower oils is not very aggressively offered and the prices seem to have found some support around USD 860 mark CNF India. CPT prices after making a low of USD 630 are coming higher and we even heard some pricing done USD 877-880. India is offered today at USD 900 with buyers targeting low levels. Locally in India we are seeing very good demand in sunflower oil and stocks are slowly getting consumed. INR prices in Chennai at trading over 81,000/- and JNPT too is not far behind. We would suggest buyers not to over think and maintain positions around these levels as with degum oil locally coming over INR 85,000/- sunflower oil looks really cheap.  A lot of festive demand is expected move towards sunflower oil and thus we should find some good movement. In USD however since the harvest is just about 30% complete would suggest our buyers to stick to maintain longs for near by and if the prices come below USD 850 can make longs for OND with JFM.  Egypt with all its costing managed buy 63,000 MT of sunflower oil dec arrival at USD 880/-, Europe is being offered at USD 880 with buyers around 860 and India mostly indicated at USD 900.


  • Argentina SBO
  • Sept 23 -1800/ -
  • Oct 23 -1800/-1900
  • Nov 23 -1600/-1800
  • Brazil SBO
  • Oct 23 -1750/-1900
  • Nov 23 -1600/-1720
  • 6 ports Europe Sept $905 vs $870
  • OND $905 vs $880
  • JFM $930 vs $900 (Friday traded 915)
  • AMJ $945 vs $910
  • Palm oil Midday Market Close 
  • Bmd : Dec 3720 (+39)
  • H 3728 / L 3687
  • Vol :  14,391
  • Oln  
  • Oct 830 vs  
  • Ond 835 vs 
  • Jfm 855 vs 847.5
  • Amj 862.5 vs 855 trd 857.5
  • Jas 857.5 vs 845
  • Rbdpo: -5
  • Strn: Oct 780 (deld) 
  • Pfad: Oct 775 (deld)
  • Local Cpo: Sept 3700
  • Laurics
  • Cpko: Oct 231 (pk) / 232 (pg)
  • Rbdpko: Oct 900
  • Rbdpkoln: Oct 860
  • Rbdpks : Oct 1020
  • Sbo :  
  • Oct 6063 (-22)
  • Dec 5938 (-24)
  • Jan 5884 (-11)
  • Dce : 
  • Jan 7298 (+82)
  • May 7324 (+72) 
  • Black Sea sunflower oil indicated 750 vs —
  • Russian sunflower oil indicated at USD 740 vs —
  • Spain indicated for ON 885 vs —
  • Italy indicated for ON at USD 880 vs —
  • CIF India indications for ON USD 910 vs 870
  • Turkey not offered 
  • Currency INR 83.10, RM 4.6820, Rub 96.02 and Euro 1.0636


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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