ATHENA MARKET BUZZ

1530 29112023 Athena Market Buzz Wednesday  Morning Market Report: MDEX and Edible Oils Facing Varied Pressures Good morning, In today's market activity, MDEX experienced a lower opening, with Jan trading at RM 3820, down 29, and Feb at RM 3872, down 25, showing further decline from the opening. The midday saw Jan hitting a day's low at RM 3793 and Feb at RM 3850. Despite ongoing selling pressure, MDEX is anticipated to find support at RM 3750. India engaged in ROL trading at INR 835/- ex-tank Chennai, with USD trades noted at USD 865/870, maintaining a back-to-back disparity of USD 10. Locally, ROL is expected to find robust support within the range of INR 820-825, and in USD, prices are likely to find support at USD 850, aligning with the RM 3750 supports. It's reiterated that long positions are advisable between RM 3550-3450, with prices exceeding RM 3850 considered suitable for liquidating long positions. The current MDEX levels, ranging from RM 3829 to RM 3750, are ant...

1530 28112023 Athena Market Buzz Tuesday  Good morning, MDEX started the day on a neutral note, but by lunchtime, corrections were observed, reaching RM 3836 for January -9 and RM 3880 for February -11. As of the time of writing this report, the market is trading relatively unchanged. The Indian markets appear lackluster, undergoing consolidation in the palm sector with significant volumes. In the near term, we anticipate finding support around RM 3750, from where a potential bounce back to test RM 4000 could occur. However, the surge might be capped due to increased November production and reduced exports. On the positive side, the rise in demand from China during the new year and India's return to cover may provide a protective bottom. Our strategy remains cautious, considering long positions only if prices break RM 3750 or lower, while liquidating longs if testing RM 4000 is attempted. Short positions can be considered if prices cross RM 4250. The ROL in USD is unchanged at USD ...