Ref Soyaoil yesterday traded with the positive node and settled 1.84% up at 763.8 boosted by strong spot demand and an expected drop in imports. Traders are expecting lower edible oil imports in December and January due to sharp drop in the rupee. Soyoil imports in November plunged to 8,000 tonnes from 31,970 tonnes a year ago, data from the Solvent Extractors' Association of India showed. Weather woes for soybean crop in Argentina and Brazil, high demand in domestic markets, weak Rupee against US dollar and expectation of lower production of RMseed this Rabi season are considered the major fundamental causes of this spike. At the Indore spot market soyoil edged up by 7.5 rupee to 745.15 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 746.6 after opening at 751, and finally settled at 763.8. For today's session market is looking to take support at 751.3, a break below could see a test of 738.8 and where as resistance is now likely to be seen at 771.6, a move above could see prices testing 779.4.

Trading Ideas:

Ref soyaoil trading range is 738.9-779.5.

Ref soyoil climbed boosted by strong spot demand and an expected drop in imports

Traders are expecting lower edible oil imports in December and January due to sharp drop in the rupee

Soyoil imports in November plunged to 8,000 tonnes from 31,970 tonnes a year ago

At the Indore spot market soyoil edged up by 7.5 rupee to 745.15 rupees 10 kgs.