Ref Soyaoil yesterday traded with the positive node and settled 0.36% up at 664.2 due to expectation of improvement in demand for edible oils during upcoming festivals. China, the world's largest soy importer, is expected to import 3.15 million tonnes of soybeans in August, down 34 percent from the same period last year, the Ministry of Commerce said. At the Indore spot market soyoil edged up by 1.8 rupee to 666.3 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 662.9 after opening at 662.9, and finally settled at 664.2. For today's session market is looking to take support at 662.5, a break below could see a test of 660.8 and where as resistance is now likely to be seen at 666.3, a move above could see prices testing 668.4.

Trading Ideas:

Ref soyaoil trading range is 660.8-668.4.

Ref Soyaoil gained due to expectation of improvement in demand for edible oils during upcoming festivals

China Aug soy imports seen at 3.15 mln tonnes

Ref soyoil looks to take support at 662.50 and resistance at 666.30.

At the Indore spot market soyoil edged up by 1.8 rupee to 666.3 rupees 10 kgs.