ATHENA MARKET BUZZ

1600 04072024 ATHENAMARKETBUZZ THURSDAY Palm Oil Market : The CNF India price for CPO has reached USD 1000 PMT for spot months, with forward prices not far behind at USD 980 on the offer side. Technical levels for palm oil have seen a break above USD 4000, maintaining the rally above RM 4000 but not yet enough to push it over RM 4250 immediately. Indians find it difficult to pay USD 1000 at the moment, but with the recent rally in soybean oil—where August shipment degum is trading over USD 1020—we may see this happen soon. RSI on palm oil is over the 50% mark, and bullish sentiments will likely keep prices supported above RM 4000. However, a rally beyond RM 4250 towards RM 4450 is expected to face strong resistance from commercial players and will likely result in selling. We suggest our traders be prepared to sell the market once prices cross RM 4250 and cover shorts when prices trade between RM 3750-4000. For absolute longs, wait for prices to trade below RM 3750-3650, although it m...

1400 03072024 ATHENAMARKETBUZZ WEDNESDAY MDEX Analysis : MDEX trading over RM 4000 has prompted technical analysts to turn bullish. The morning started with profit booking and selling pressure, with September reaching a day's low at RM 4020. By lunchtime, it had recovered to RM 4058 -31. RSI and other technical indicators suggest a clear upward trend towards RM 4450. We advise our readers to avoid short positions for now and wait for prices to cross RM 4250 before considering shorts. The trade spat between China and Indonesia favors Malaysian oil and US Bean oil, likely keeping prices above RM 4000 this week. Indian buyers are active, covering good volumes of ROL between USD 910-935, and with current price ideas around USD 955, India will continue to seek ROL. Discussions about China shifting to Malaysian oil over Indonesian products could further fuel the rally. Short covering by funds and commercial players will likely drive fresh highs. Locally in India, the cheapest cargo is i...