Athena Market Buzz

1600 24042025 ATHENAMARKETBUZZ WEDNESDAY



Good Morning,

Mdex commenced trading on a firm note, with July settling at RM 3976 by midday, showing signs of strength as it repeatedly attempts to breach the RM 4000 mark. Both the RSI and moving averages indicate some degree of strength, although Mdex casts a long shadow, hinting at potential selling pressure building up in the days ahead. From a technical perspective, we can anticipate support levels around RM 3750, while amidst increased biofuel demand and uncertain macroeconomic conditions, palm prices may fluctuate between RM 3850-4100. We recommend our readers to continue exiting their long positions at current levels and await buying opportunities around RM 3800. On the upside, if the market surpasses RM 4200, we should be prepared to initiate short positions until we test RM 4450.

In India, ROL was offered around USD 940, and CPO was indicated around USD 960 for the nearby month, while locally ROL traded between INR 905-910, roughly at par with replacement. Traders are advised not to panic during price corrections towards RM 3800 and to realign their positions for longs. Dalian is closing positively, with increasing demand from China in palm oil, alongside Indian interest in purchasing oil during corrections, which could provide essential support around RM 3750. Conversely, expectations of higher output in May, coupled with DMO policy, may induce some selling pressure, limiting gains around RM 4250 and keeping the market volatile.

CBOT bean oil showed modest strength, with July settling +22 at 45.83 and August +21 at 45.97. However, at the time of writing, July is trading -18 at 45.70 and August at 45.88 -19. Nearby bean oil to India traded around USD 960, while trades for June/July were reported between USD 945-940. CNF India currently has sellers for June/July at USD 945, to which buyers were reluctant to pay over USD 940. Locally, the market initially witnessed strong demand at INR 810 + duty, later trading at INR 805 + duty. CBOT beans and wheat are experiencing some short covering, which could spill over to bean oil. Support for bean oil contracts is expected to remain around 44.00-44.50, with resistance now standing at 52.50. We reiterate that prices below USD 950 to USD 900 could find support in India, with resistance likely once we breach USD 1050.

Sunflower oil faces uncertainty following the terminals being hit in Ukraine, leading to shipment delays and some rolling over to forward months. India may witness fewer sunflower oil arrivals in May, potentially supporting prices. Sunflower oil, now commanding a premium, is expected to continue seeing strength, with buyers adjusting recipes to consume more bean oil. CIF India indicative offers for nearby sunflower oil are around USD 960, while forward months like June and July could trade around USD 955-950. At present levels, there is no disparity, and we do not expect a correction in palm or soya to change this soon. Buyers are advised to keep replenishing sunflower oil and continue buying nearby months, considering the potential for larger disruptions from Ukraine. Turkey indicates around USD 880 on offer, Spain around USD 950-55, while India continues offers for May at USD 960.


  • ARG SBO
  • May -580/-650, tdd -600
  • JJ -630/-780
  • AS -700/-790, tdd -750
  • OND -525/-650
  • BR SBO
  • May -390/-600
  • JJ -550/-700
  • AS -650/-790
  • OND -/-790
  • 6 ports Europe May 985 vs 965
  • June 985 vs 970
  • JAS 985 vs 970
  • OND 990 vs 950
  • Palm oil Market Close 
  • Bmd : Jul 3943 (-28)
  • H 4022 / L 3925
  • Vol :  66,058
  •  
  • Oln   
  • May 900 vs 892.5
  • Jun 882.5 vs 
  • Jas 860 vs 852.5
  • Ond 860 vs 852.5
  • Jfm 870 vs 860
  • Rbdpo: -5
  • Strn: Jun 887.5 (deld) 
  • Pfad: May 792.5 (deld)
  • Local Cpo: May 4100
  • Laurics: May 305 (pk) / 310 (pg)
  • Rbdpko: May 1215
  • Rbdpkoln: May 1145
  • Rbdpks : May 1315
  • Sbo :  
  • May 4504 (-27)
  • Jul 4563 (-25)
  • Aug 4580 (-27)
  • Dce :  
  • May 7842 (+64)
  • Sep 7510 (+60)
  • Black Sea sunflower oil FOB 840 vs 820
  • Russian sunflower oil FOB 830 vs 810
  • Spain indicated for May/ June at USD 955 vs 925
  • Italy indicated for May/June at USD 950 vs 920
  • CIF Lw India indicated  now  for May 960 vs 940 / June 955 vs —
  • Turkey indicative ideas Mersin USD 880 vs —
  • Currency INR 83.24, RM 4.77, Rub 93.02 and Euro 1.0688



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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