Ref Soyaoil yesterday traded with the negative node and settled -0.63% down at 650.25 on fresh selling. Minor improvement was seen in the soy refined oil in the line with international market sentiments. However prices failed to sustain on higher levels due to profit booking and some fresh selling. 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%. Current stock of edible oils as on 1st August, 2011 at various ports is estimated at 560,000 tons (CPO 300,000 tons, RBD Palmolein 70,000 tons, Degummed Soybean Oil 130,000 tons and Crude Sunflower Oil 60,000 tons) and about 1,000,000 tons in pipelines. At the Indore spot market soyoil edged down by -1.55 rupee to 665.2 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 649 after opening at 654.6, and finally settled at 650.25. For today's session market is looking to take support at 647.5, a break below could see a test of 644.8 and where as resistance is now likely to be seen at 654.4, a move above could see prices testing 658.6.

Trading Ideas:

Ref soyaoil trading range is 644.8-658.6.

Ref Soyaoil yesterday traded with the negative node on fresh selling.

Minor improvement was seen in the soy refined oil in the line with international market sentiments.

Current stock of edible oils as on 1st August, 2011 at various ports is estimated at 560,000 tons

At the Indore spot market soyoil edged down by -1.55 rupee to 665.2 rupees 10 kgs.