Athena Market Buzz

 1530 23012024 Athena Market Buzz Tuesday  


Mdex resumed its firm stance today following a minor correction on Monday attributed to profit-taking activities. At lunchtime, the market settled with April at RM 3946 +42 and May at RM 3906+42, slightly higher than Monday's close. However, signs of exhaustion in the current rally are emerging. Despite supply shortages and a lack of demand, RM 4000 is expected to act as a robust resistance level. The delayed winter in India is affecting palm consumption, keeping a lid on the rally. Consequently, we anticipate a correction back to RM 3750 or lower in the short term.

It is advisable to consider exiting long positions between levels of RM 3950 to 4000 and considering replacements if prices correct towards RM 3750. For long-term positions, it is prudent to wait for prices to fall between RM 3450-3550. Conversely, we do not recommend short positions at current prices; instead, waiting for prices to test RM 4250 is suggested. Short positions can be initiated between RM 4250-4450, where a strong resistance is anticipated.

CPO prices for most months are now comparable to bean oil and sunflower oil at USD 930-935. With current levels, Indian buyers are less enthusiastic, and China's slowdown is not indicating an increase in consumption. Traders are advised to adopt a wait-and-watch approach. Palm oil prices are expected to eventually drift towards CNF 1000 India, but for this to occur, a correction below USD 900 is necessary, followed by increased demand and stronger prices for bean oil and sunflower oil.

Locally, ROL prices show a disparity of USD 20-30, depending on location. Chennai buyers seem inclined to pay INR 845 against the landed cost of INR 865.

CBOT bean oil experienced a rally last night, primarily due to short covering and expectations of increased demand in biofuel. Strong support for bean oil is found at 47.50, with May CBOT bean oil settling up 124 points at 48.64. March, after reaching a high of 48.26, settled up 126 points at 48.16. Basis managed to remain between -900-950, lifting flat prices higher by about USD 20-30 pmt. CNF India offers for bean oil in the morning are at USD 938 for positions like Feb and March, with subdued activity from buyers. Solvent oil in hinterland India trades at INR 840-850, while refined oil is between 900-910. Bean oil CNF India becomes attractive between USD 900-950 for nearby months, and for MJJ, waiting for prices to correct below USD 900 is recommended.

Sunflower oil stands out as the most stable oil at the moment, with offers to India ranging mostly between USD 930-950 for nearby positions. Sellers are suggesting pricing ideas for FM at USD 950 to 945, while buyers are cautious about paying a premium to bean oil. Anticipating significant shipments from Russia, Indian buyers prefer to wait for good export visibility. In Europe, sunflower oil is sought around USD 920, with offers at USD 940, while rape oil is around 950, still preferable over sun oil for food consumption.


  • ARGENTINA-
  • Feb-890/-1000(Fob Slr 865.53$/Byr 851.86)+26$
  • Mar-910/-1020(861.12/836.87)+33
  • May-1050/-1180(840.83/812.17)+27
  • JJ-1050/-1180
  • BRAZIL-
  • Feb-800/NB(895.95/NB)
  • Mar-920/-980(858.91/845.68)+25
  • Apr-950/-1040(862.88/843.04)+29
  • May NS/-1130(NS/823.20)
  • JJ NS/-1130
  • 6 ports Europe AMJ 950 vs -
  • JAS 960 vs 950
  • Palm Oil Midday Market Close 
  • Bmd : Apr 3946 (+42)
  • H 3980 / L 3897
  • Vol :  31,740
  •  
  • Oln  
  • Feb 870 vs 
  • Fm 870 vs 
  • Amj 860 vs 855
  • Jas 830 vs 825
  • Ond 820 vs 810
  • Rbdpo: -5
  • Strn: Feb 865 (deld) 
  • Pfad: Jan 730 (deld)
  • Local Cpo: Jan 3980
  • Laurics 
  • Cpko: Feb 252 (pk) / 253 (pg)
  • Rbdpko: Feb 975
  • Rbdpkoln: Feb 920
  • Rbdpks : Feb 1095
  • Sbo : 
  • Mar 4803 (-13)
  • May 4851 (-13)
  • Jul 4866 (-13)
  • Dce :  
  • May 7480 (-18)
  • Sep 7046 (-10)


  • Black Sea sunflower oil JAN/FEB 845 vs 810
  • Russian sunflower oil JF 840 vs —
  • Romania FOB USD 865 vs 800
  • Spain indicated JF USD 940 vs 920
  • Italy indicated  JF 935 vs —
  • CIF India indications for sunflower oil FEB/MARCH 950 vs 920
  • Turkey Mersin indications around USD 910 vs 885
  • Currency INR 83.12, RM 4.72, Rub 87.90 and Euro 1.09

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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