Commodity Trading Tips for Ref Soyaoil by KediaCommodity

Ajay Kumar Kedia 12 March 2013

Ref-Soya-Oil Ref Soyaoil yesterday traded with the negative node and settled -0.68% down at 678.5 on some profit booking tracking weak spot demand as a strong rupee outweighed gains in overseas prices. Oil millers are getting good exports orders for soymeal, but they are not getting enough soybeans in the spot market. India exported 581,606 tonnes of soymeal in February, compared with 344,240 tonnes a year earlier. Imports of vegetable oils during January 2013 are reported at 1,157,130 tons. January 2013 imports consist of 1,132,631 tons of edible oils and 24,499 tons on non-edible oils, according to Solvent Extractors Association of India (SEA). Meanwhile, the overall import of vegetable oils during November 2012 to January 2013 is reported at 2,766,088 tons. The latest data compiled by the Solvent Extractors' Association of India (SEA OF India), the export data of oilmeals during February 2013 is reported 6.56 lakh tonnes compared to 4.85 lakh tonnes in February 2012 i.e. up by 35%, however the total export of oilmeals during April 2012 to February 2013 has reduced and reported at 43.35 lakh tonnes compared to 49.70 lakh tonnes during the same period of last year i.e. down by 13%, mainly due to reduced demand from overseas market. At the Indore spot market soyoil edged up 0.05 rupees to 685.45 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 676.9 after opening at 684, and finally settled at 678.5. For today's session market is looking to take support at 675.3, a break below could see a test of 672 and where as resistance is now likely to be seen at 683.4, a move above could see prices testing 688.2.