24/04/2013 (MoneyControl.com) - Emkay Commodity Research has come out with its report on agri commodities. According to the research firm, one can MCX CPO April future contract around Rs 463-464 for the target of Rs 455 with a stop loss of Rs 466.

CPO at MCX traded negative for most of the day but recovered later on sharp fall in rupee. BMD lost 1.8 percent due to concerns over fall in export demand and likely rise in inventories.

As per Intertek, Palm oil export data for the period of 1-20 Apr is down by 4.9 percent to 8, 82,469 Tons compared to March month. State Trading Corporation of India had floated tender to import 30,000 tons of RBD Palmolein in Mumbai.

Concerns over rising inventories amid dip in exports, reduced China’s demand, expectation of improvement in the oil palm yields and S. America’s increased arrivals of Soybean are likely to push down the prices of Palm oil in near term. However, for today it may trade in range on depreciating rupee.

Technical:
MCX CPO May is expected to trade sideways to lower for the day with the price outlook of Rs 455 levels.

Any close above 465 can attract potential buying, targeting Rs 470 levels.

Contract - April
Strategy - Sell
Entry - Rs 463-464
Target - Rs 455
Stop Loss - Rs 466

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