ATHENA MARKET BUZZ

1500 04062025 ATHENAMARKETBUZZ TUESDAY Good Morning, India celebrates the victory of the current Prime Minister, and the mood is euphoric and celebratory. Large parts of India are not working today, and the impact of Dalian on MDEX is causing panic among the longs. Brent is down to 77.064, natural gas is down, heating oil is down, and even gold is trading lower today. MDEX opened after a long weekend to a gap down, and by lunchtime, August was at RM 3941 -135. At the time of writing this report, August is further down to RM 3906 -170, almost at the day's low. Dalian is losing steam, and funds are mostly booking profits and exiting their longs. This is good as weaker longs will exit their positions around RM 4000, cementing the view of a rally towards RM 4250 strongly. MDEX, which corrects below RM 3850, will be bought, and as mentioned before, we expect good buying interest to emerge between RM 3700-3800. A possible rebound could be as sharp as the correction itself. RSI has just t...

1500 03062025 ATHENAMARKETBUZZ Monday Good Morning, MDEX is closed today, and it appears that August, which settled on Friday at RM 4079, could open tomorrow with a slight correction but remain above the RM 4000 mark. India has started receiving some rains, and as temperatures ease, we should see a spike in consumption. Tomorrow, Narendra Modi will become Prime Minister again, and this euphoria is likely to push Indians to spend more in the market, causing highs in stocks, commodities, and more. India's coverage for vegetable oil is less than a month, which will result in more traders shifting to palm oil as prices for soft oils are already too high. Friday was a bullish day, and this momentum is expected to carry forward into this week. As mentioned before, we should hit RM 4250 by this weekend, pushing the flat price of CPO to India to about USD 1000. On Friday, India traded good volumes of CPO around USD 963/965, and ROL traded a few times between USD 935 and 940. Locally, the m...

  1400 30052025 ATHENAMARKETBUZZ Thursday   Good Morning, MDEX opened unchanged, and by lunch, August settled at RM 4006, down 28 points. At the time of writing, August is trading at RM 3878, down 56 points. Palm staged a strong rally yesterday, which was expected. Consolidation around RM 4000 is anticipated, but we now see more strength in this market and expect palm to continue its bull run and try to make new highs. By next week, MDEX is likely to cross the RM 4000 mark consistently, and dips this week should be bought. Soft oils are firming up despite the board showing a correction, as basis levels have strengthened, pushing flat prices higher. The spread between bean oil and CPO is almost USD 100 PMT for nearby contracts and about USD 50 for forward months. This spread favors palm, and we should see destinations like India and the Middle East continue to consume more palm products compared to soft oils. The RSI for palm is below 50%, and most technical indicators are ...