Ref Soyaoil yesterday traded with the negative node and settled -1.61% down at 672.3 fell as trades offloaded their positions tracking weak global cues. India fulfills most of its edible oil imports requirement in the form of palm oil and buys it from Malaysia and Indonesia. India imported 855,363 tonnes of vegetable oils in November, up 28 percent from 668,917 tonnes a year ago, data released by a leading trade body showed on Dec. 14. The Solvent Extractors Association of India has compiled the import data of Vegetable oils (edible & non-edible) for the month of November, 2011. The import of vegetable oils during November 2011 is reported at 855,363 tons compared to 668,917 tons in November 2010, consisting of 827,684 tons of edible oils and 27,679 tons on non-edible oils i.e. up by 28%. At the Indore spot market soyoil edged up by 5.75 rupee to 666.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 671.35 after opening at 678, and finally settled at 672.3. For today's session market is looking to take support at 667.1, a break below could see a test of 661.9 and where as resistance is now likely to be seen at 681.8, a move above could see prices testing 691.2.

Trading Ideas:

Ref soyaoil trading range is 661.9-691.2.

Ref soyaoil fell as trades offloaded their positions tracking weak global cues

India fulfills most of its edible oil imports requirement in form of palm oil and buys it from Malaysia and Indonesia

India imported 855,363 tonnes of vegetable oils in November, up 28 percent from 668,917 tonnes a year ago

At the Indore spot market soyoil edged up by 5.75 rupee to 666.75 rupees 10 kgs.