Ref Soyaoil yesterday traded with the positive node and settled 0.43% up at 709.2 tracking firm spot demand as prices got support from low domestic supplies and up overseas markets. Import of vegetable oils in December went up 35 per cent compared with the corresponding month last year due to heavy imports after Malaysia reduced export duty on such oils. The December imports are reported at 900,000 tonnes against 660,000 tonnes during the year-ago period, according to data released by the Solvent Extractors' Association of India (SEA). Out of the total vegetable oil imports, 870,000 tonnes were edible oils and 25,098 tonnes were non-edible oils. Although vegetable oil imports are on the rise every year, it is usually lower during this time of the year. The country had exported 7,78,382 tn in December 2011. During the first three months of the current oil year (Oct-Sep), exports declined by 27% to 10.78 lakh tn as against 14.69 lakh tn in the year ago period. At the Indore spot market soyoil edged up 4.8 rupees to 743.75 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 707.8 after opening at 707.8, and finally settled at 709.2. For today's session market is looking to take support at 706.3, a break below could see a test of 703.5 and where as resistance is now likely to be seen at 713.5, a move above could see prices testing 717.9.

Trading Ideas:

Ref soyaoil trading range for the day is 703.47-717.87.

Ref soyaoil gains tracking firm spot demand as prices got support from low domestic supplies and up overseas markets.

Import of vegetable oils in December went up 35% compared with the corresponding month last year due to heavy imports

The December imports are reported at 900,000 tonnes against 660,000 tonnes during the year-ago period

At the Indore spot market soyoil edged up by 4.8 rupee to 743.75 rupees 10 kgs.