MARKET REPORT
Athena Market Buzz Friday
Good Day ,
Mdex opened higher and remained firm for the most part of the day. At lunch we settled nov at Rm 4147 +104 and after making a higher of RM 4180 we are currently trading at RM 4123 +80. Mdex is mostly keeping above Rm 4000 mark and like mentioned before levels between RM 3750-4000 will be used to cover the shorts and once the price hit RM 3750 or below one can safely make longs. The market will remain volatile and with good exports and most of the soft oil trading at least USD 350 premium over palm and this could give a lot of support to lower palm prices. Exports from Malaysia and Indonesia most likely will jump by month end and should result in lower stocks. Once again we are confident that over all palm prices have already bottomed out around RM 3250 and it will be really hard for prices to break below it at least this year , on the up side looking at a possibility of a full blown war we would suggest readers to only go short over Rm 4250 and only for short time with a stop loss at RM 4450 please note that if the tensions increase or the war happens then the prices on palm could go over RM 6000 in short time. Locally in India we have not heard any major trades or prices as traders are still struggling to lift the old and pending contracts.
Bean oil sept settled 66.26 -115 and oct 64.80 – 127 with basis slightly recovering on the buying side for SEPT to -500 vs -600 and OND -400 vs -550 changing flat price lower by USD 12-15 . At the time of writing this report Bean oil is trading marginally higher and it appears that being Friday we could see slight profit taking and price moving higher. Levels of 64.50 for sept and 62.50 for October should be defended for most part of the month and on the up side we will see 67.50 as resistance. Please note that we are getting good offers on sunflower oil and at competitive rates , though the oil is still about USD 150 higher to soybean oil but it will try to gain back its share. Locally in INR we are hearing trades at 1140-1150 and still a lot of local pre sold cargo is getting executed. India will come into fresh buying in a month and till then we could see some more pressure on flat prices.
Black Sea Ukraine started shipping sunflower oil cargo and all of a sudden we are hearing many offers. India traded this week at USD 1610 for JNPT aug shipment and last night we heard trades to east coast for early sept at USD 1530-1540. Sellers of Russian origin cargo were asking for USD 1550 but it was not traded. There is one more boat looking for buyers from Bulgaria and India is not keen to pay up.
ARG SBO
Sep -500 vs -600
OND -400 vs -550
AM -400 vs -600
BR SBO
Aug -600 vs ?
Sep -620 vs -700
Oct -490 vs -700
Nov -450 vs -620
OND -400 vs ?
ND ? vs -650
Dec -300 vs ?
JF ? vs -600
Mch -350 vs -620
6 ports Europe SFO 6P $
Aug 1480 vs ?
Sep 1480 vs ?
OND 1470 vs 1440
JFM 1455 vs 1425
AMJ 1455 vs 1420
Palm oil Midday Market Close
Bmd : Nov 4147 (+104)
H4166 / L4000
Vol : 22,875
Oln:
Sep 1020
Oct 1030
Ond 1030 vs 1022.5
Jfm 1035 vs 1027.5 trd 1025-1030
Amj 1050
Rbdpo: -10
Strn: Sep 960 (deld)
Pfad: Sep 725 (deld)
Local Cpo: Aug 4250
Indon Cpo: unquoted
Laurics:
Cpko: Aug/Sep 300 (pk), 300 (pg)
Rbdpko: Aug/Sep 1250
Rbdpkoln: Aug/Sep 1150
Rbdpks: Aug/Sep 1650
Sbo :
Sep 6670 (+44)
Oct 6522 (+42)
Dec 6462 (+35)
Dce :
Sep 8458 (-44)
Jan 8286 (-24)
Black Sea sunflower oil FOB 1450 vs —
Russian sunflower oil FOB 1450 vs —
Spain/ Italy offered Sept-Oct at USD 1500 vs —
CIF Lw India offered late Sept early October at USD 1520 vs 1450
Turkey was offered for Sept at USD 1450 vs —
Currency INR 79.76, RM 4.47, Euro 1.006 and Rub 59.07
