Ref Soyaoil yesterday traded with the negative node and settled -0.7% down at 765.05 tracking weakness in spot market demand. Vegetable oil imports rose by 35 per cent to 8.96 lakh tonnes (lt) in May from 6.64 lakh tonnes in the year-ago period, according to the industry data released by the Solvent Extractors Association of India. Imports of edible oil this May stood at 8.83 lt, while that of non-edible oils were 13,511 tonnes in the same period, it said. International market sentiments continues to remain positive due to hot and dry weather in the US soybean growing areas. Weather concerns in the soybean growing areas in US and delayed and deficit monsoon in India is believed to the major supportive factors for the market. India has made substantial imports of edible oil in the past few months and the domestic supply situation is comfortable as of now. However despite the enough availability we have seen upside movement in the prices of domestic edible oils due to bullish international market sentiments. At the Indore spot market soyoil edged down by -2.15 rupee to 751.8 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 764.6 after opening at 770.95, and finally settled at 765.05. For today's session market is looking to take support at 762.8, a break below could see a test of 760.5 and where as resistance is now likely to be seen at 769.1, a move above could see prices testing 773.2.

Trading Ideas:

Ref soyaoil trading range for the day is 760.52-773.22.

Ref soyoil ended with weak trend tracking weakness in spot market demand.

Vegetable oil imports rose by 35 per cent to 8.96 lakh tonnes (lt) in May from 6.64 lakh tonnes in the year-ago period

International market sentiments continues to remain positive due to hot and dry weather in the US soybean growing areas.

At the Indore spot market soyoil edged down by -2.15 rupee to 751.8 rupees 10 kgs.