13/03/2013 (Moneycontrol.com) - Emkay Commodity Research has come out with its report on Crude Palm Oil. According to the research firm, MCX CPO March future is expected to trade sideways for the day and is expected to trade in range between 462-455 levels. Any close below Rs 455 can attract more selloffs. 

CPO at MCX ended lower tracking heavy stocks of imported oil at the ports while BMD ended slightly higher on better export numbers for the period of 1-10 March. According to cargo surveyor, Intertek Malaysia’s March 1-10 exports were flat on month at 4, 41,025 Tons while the market had expected sharp fall after increase in export tax to 4.5percent for current month.

Malaysian Palm oil board data showed that palm oil stocks fell 5percent on month though historically at high level of 2.44 MMT. Indonesia Jan Palm Oil export down 14percent to 18.7 LT. Palm oil is looking to trade in range with weak bias on record high stocks together with lower exports by Indonesia. 

Technical: MCX CPO Mar is expected to trade sideways for the day and is expected to trade in range between 462-455 levels. Any close below 455 can attract more selloffs. 

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