Ref Soyaoil yesterday traded with the positive node and settled 0.4% up at 784.75lead by on short covering at strong support levels and strong global cues while reports of rainfall limited the gains. As per latest release from China's General Administration of Customs, the total July edible oil imports in China spurted by 4% from the same month in last year, and 35% from June to 7.30 lakh metric tonnes. While the total imports during January to July reported at 4 million tonnes, up 18% from the last year in the same month. Indian farmers have cultivated soybean on 10.54 million hectares as on Aug. 8, compared with 10.01 million hectares at the same time a year earlier. China imported a record 5.87 million tonnes of soy in July, up 4.4 percent from the 5.62 million tonnes in June, figures from the General Administration of Customs of China showed. At the Indore spot market soyoil edged up by 2.1 rupee to 777.2 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 783.4 after opening at 783.4, and finally settled at 784.75. For today's session market is looking to take support at 782.2, a break below could see a test of 779.7 and where as resistance is now likely to be seen at 788.4, a move above could see prices testing 792.1.
Ref soyaoil trading range for the day is 779.72-792.12.
Refined soyaoil settled with gains lead by strong support levels and strong global cues
The total imports during January to July reported at 4 million tonnes, up 18% from the last year
Rains have helped farmers in western MP and central Maharashtra taking total soyabean acreage to 105.4 lh ha
At the Indore spot market soyoil edged up by 2.1 rupee to 777.2 rupees 10 kgs.