11/01/2013 (MoneyControl.com) - Emkay Commodity Reesearch has come out with its report on Crude Palm Oil. According to the research firm, MCX CPO Jan contract is still holding above its strong declining support trend line that falls at Rs 438-437 range.  For the day trend remains firm with the price objective of Rs 448 followed by Rs 452 levels.

Crude palm oil at MCX (Feb) was marginally up despite 1% rise in its Malaysian contracts. At BMD, short covering ahead of data releases due today supported the upside.   Palm oil prices are likely to rise in the first three months of 2013 and still have the upward potential as South East Asian countries entering into seasonally lower palm oil production phase.

However, current higher palm oil stocks dampen additional upward potential for palm oil prices in the near term Oil World.  CPO is likely to trade firm on technical ground but market eyeing on the MPOB’s palm oil data by today for price direction.  Technical:  MCX CPO Jan contract is still holding above its strong declining support trend line that falls at 438-437 range.  For the day trend remains firm with the price objective of 448 followed by 452 levels. 

Technical
MCX CPO Jan contract is still holding above its strong declining support trend line that falls at 438-437 range.  For the day trend remains firm with the price objective of 448 followed by 452 levels.