22/01/2013 (MoneyControl.com) - Emkay Commodity Research has come out with its report on Crude Palm Oil (CPO). Accroding to the research firm, MCX CPO Jan turned positive for the time being as price settled well over 435 levels.  For the day prices are likely to trade sideways to higher towards Rs 445 followed by 450 levels. Any declines could hold at Rs 435-436 levels. 

CPO futures on NCDEX ended steady to high on Saturday as investors covered short positions ahead of the weekend.  Malaysia exported 8.38 Lakh Tonnes of palm oil during Jan 1-20 period, a decline of 17% from previous month.  Higher palm oil stocks in the South East Asian countries and stringent palm oil quality norms of China may weigh on the market sentiments. However, cheaper palm oil products and lower CPO export duty of South East Asian countries could limit excessive losses. CPO is likely to trade in range with firm bias with upside limited.   

Technical:
MCX CPO Jan turned positive for the time being as price settled well over 435 levels.  For the day prices are likely to trade sideways to higher towards 445 followed by 450 levels. Any declines could hold at 435-436 levels. 

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