MARKET DEVELOPMENT
MCX CPO May Trade Sideways to Lower: Emkay
MCX CPO May Trade Sideways to Lower: Emkay
03/05/2013 (Moneycontrol.com) - Emkay Commodity Research has come out with its report on Crude Palm Oil (CPO). According to the research firm, MCX CPO May is expected to trade sideways to lower for the day towards Rs 450 followed by Rs 447 levels.
CPO at MCX ended down tracking gains in rupee and weaker signals from BMD amid lower export data from Malaysia raising concerns over increase in inventories. Overall, the fundamentals remain bearish for Palm oil for short to medium term as Palm oil has entered the seasonally high production cycle.
We can witness only small fall in inventories due to lower export data in April. CPO is likely to trade in range with weak bias on lower export data for April month, lowering of base import prices and tracking loss in CBOT Soyoil. Rupee gain can also support the downside movement.
Technical: MCX CPO May is expected to trade sideways to lower for the day towards 450 followed by 447 levels. Any close above 460 can only attract potential gains.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
CPO at MCX ended down tracking gains in rupee and weaker signals from BMD amid lower export data from Malaysia raising concerns over increase in inventories. Overall, the fundamentals remain bearish for Palm oil for short to medium term as Palm oil has entered the seasonally high production cycle.
We can witness only small fall in inventories due to lower export data in April. CPO is likely to trade in range with weak bias on lower export data for April month, lowering of base import prices and tracking loss in CBOT Soyoil. Rupee gain can also support the downside movement.
Technical: MCX CPO May is expected to trade sideways to lower for the day towards 450 followed by 447 levels. Any close above 460 can only attract potential gains.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.