23/01/2013 (MoneyControl.com) - Emkay Commodity Research has come out with its report on Crude Palm Oil (CPO). The research firm says MCX CPO Feb turned positive for the time being as price settled well over Rs 447 levels.  For the day prices are likely to trade sideways to higher towards Rs 455 followed by 458 levels. Any declines could hold at Rs 447 levels. 

CPO futures on NCDEX ended slightly higher tracking gains from BMD but fears of increase in demand for soyoil limited the gains.  Dry weather concern in S. America for Soybean has supported the upside closing of BMD. Also, the preference for palm oil is expected to increase on comparative higher rise in soyoil price than palm oil.  CPO is likely to trade with firm bias on weather concerns in S. America and increase in preferences due to expensive Soyoil.   

Technical: 
MCX CPO Feb turned positive for the time being as price settled well over 447 levels.  For the day prices are likely to trade sideways to higher towards 455 followed by 458 levels. Any declines could hold at 447 levels.

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