ATHENA MARKET BUZZ

1530 26022024 Athena Market Buzz Monday  ATHENA MARKET BUZZ Good morning, The markets experienced considerable volatility today, particularly in Palm oil. The day commenced with a positive opening, but by lunchtime, May settled at RM 3845 - 8, only to recover later. As of the time of writing this report, the active month May settled at RM 3868 + 15, slightly lower than the day's high. Palm fundamentals remain strong, and most participants in the POC conference are expected to adopt a bullish stance, which should provide support to prices pre-POC. We anticipate a consolidation during the conference, potentially bringing MDEX back to RM 3750 levels. China is maintaining its purchases and is awaiting further stimulus for its economy until the Fed cuts interest rates. They prefer to see a weaker USD before weakening the Yuan. India, on the other hand, demonstrates robust demand but operates within a disparity market. Local markets are trading with negative margins as longs have incurre...

1300 23022024 Athena Market Buzz Friday  ATHENA MARKET BUZZ Good morning , MDEX started the day on a positive note, but as lunchtime approached, selling pressure emerged, leading to a mild correction that pushed the active May contract to RM 3822 - 17. As of the current report, it is trading at RM 3831 - 8. Among the edible oil complex, Palm stands out as the most stable, but with reduced spreads between Bean oil and Palm, the market is experiencing increased selling pressure. Sentiments are bearish, especially with the proximity of Palm to other oils, prompting us to advise readers to exit long positions while they still have the opportunity. As previously stated, traders are encouraged to make longs between RM 3550-3450, exit longs between RM 3850-3950, and consider going short in the palm market around RM 4250 or higher. Bulls seem fatigued, and the market has remained within a narrow range for the past three months. Despite the potential for bullish talks in Malaysia, caution i...