Ref Soyaoil yesterday traded with the positive node and settled 0.19% up at 653.2 tracking firmness in spot market. As per the SEA of India press release dated 12 August 2011, the import of vegetable oils during July 2011 is reported at 913,179 tons compared to 800,644 tons in July 2010 i.e. up by 14.1%, consisting of 881,762 tons of edible oils and 31,417 tons of non-edible oils. The overall import of vegetable oils during Nov.’10 to July ’11 is reported at 6,043,403 tons compared to 6,382,314 tons during the same period of last year i.e. down by 5.3%. At the Indore spot market soyoil edged up by 0.8 rupee to 666.4 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 652.3 after opening at 653.1, and finally settled at 653.2. For today's session market is looking to take support at 651.6, a break below could see a test of 650.1 and where as resistance is now likely to be seen at 655.4, a move above could see prices testing 657.7.

Trading Ideas:

Ref soyaoil trading range is 650.1-657.7.

Ref Soyaoil yesterday traded with the positive node tracking firmness in spot market

Import of vegetable oils during July 2011 is reported at 913,179 tons compared to 800,644 tons in July 2010

Ref soyoil looks to take support at 651.60 and resistance at 655.40.

At the Indore spot market soyoil edged up by 0.8 rupee to 666.4 rupees 10 kgs.