Ref Soyaoil yesterday traded with the positive node and settled 0.27% up at 685 due to short covering tracking firmness in spot market demand. As per SEA of India, India imported 654,714 tons edible oil in Dec, down 21% from the month of Nov 2011. In the first 2 months of the current oil year (Nov- Dec), edible oil imports were at 14.82 lakh tons against 13.82 lakh tons a year ago. Beijing halted imports of oilmeals from India from Jan. 1 after it found a hazardous chemical in the product last year, an Indian trade body said last week, threatening about half of India's rapeseed exports. At the Indore spot market soyoil edged up by 2.05 rupee to 689.8 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 682.5 after opening at 684.9, and finally settled at 685. For today's session market is looking to take support at 682.5, a break below could see a test of 680.1 and where as resistance is now likely to be seen at 687.4, a move above could see prices testing 689.9.

Trading Ideas:

Ref soyaoil trading range is 680.1-689.9.

Ref soyaoil ended with good gains due to short covering tracking firmness in spot market demand

India imported 654,714 tons edible oil in Dec, down 21% from the month of Nov 2011

Edible oil imports were at 14.82 lakh tons against 13.82 lakh tons a year ago

At the Indore spot market soyoil edged up by 2.05 rupee to 689.8 rupees 10 kgs.