ATHENA MARKET BUZZ

1330 29032024 Athena Market Buzz Friday   ATHENA MARKET BUZZ  Good Day, Happy Friday, and we extend our well wishes to our Indian counterparts as they close their financial year. Today, all eyes are on the MDEX as the market remains busy. MDEX opened firm, and by midday, we observed a 0.6% uptick, with June settling at RM 4161 +25. As of the latest update, June is trading even higher at RM 4188 +52. We've reiterated that the market is encountering robust resistance levels between RM 4250 - 4450. Further consolidation is anticipated at these levels. Despite a weakened RSI, we anticipate MDEX prices to remain above RM 4000 until the end of April. However, starting April, India is expected to experience very hot weather, which will likely reduce the overall demand for fried products, consequently impacting prices. With reduced demand and higher palm costs, we anticipate a significant reduction in imports, further affecting prices. We expect Palm to retrace back to RM 3750 before ...

1530 26032024 Athena Market Buzz Tuesday   ATHENA MARKET BUZZ  Good Day, Mdex commenced the day mostly unchanged, and by lunchtime, trading remained within a narrow range. June, the most active contract, settled for lunch at RM 4246 -1, which currently stands at RM 4233 -14 at the time of this report. Mdex is consolidating strongly at these levels, with no major sell-off observed, despite the elevated prices, warranting caution. Overall palm production is declining, as is demand at destinations. CNF India offers for CPO range between USD 1025-1030, with ROL indicated around USD 1000. Despite the absence of demand at these levels, stocks aren't accumulating significantly. Due to higher prices, most traders and refiners are adopting a hand-to-mouth approach, resulting in temporary spikes in local markets. Our research team anticipates strong resistance between the RM 4250-4450 mark, with the market expected to move sideways. To consider long positions, one must wait for prices t...