Sell Crude Palm Oil on rally: Emkay

Emkay Commodity Research has come out with its report on Crude Palm Oil (CPO). According to the research firm, MCX CPO Feb contract remains weak as price settled well below Rs 448 levels, leaving room for declines towards Rs 440. For the day sell on rallies could be the strategy.

Vegoils import up 75% in Jan as palm oil prices crash: Vegetable oil imports jumped 75 per cent to a record high in the last three years on the back of huge discounts of palm products. The earlier record of 10,00,942 tonnes was set in August 2010, according to Solvent Extractors’ Association data. In January, the country imported 11,57,130 tonnes of edible oils against 6,59,979 tonnes in the same period last year. The shipments consisted of 11,32,631 tonnes of edible oils and 24,499 tonnes non-edible oils. Usually, soft oil imports are preferred during the winter season in India, as they remain liquid at room temperature. Oil produced from corn, sunflower and canola are considered soft oils.

Technical-

MCX CPO Feb contract remains weak as price settled well below 448 levels, leaving room for declines towards 440. For the day sell on rallies could be the strategy.

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