Ref Soyaoil yesterday traded with the negative node and settled -0.65% down at 642.4 following a sharp fall in overseas markets and on rising soybean supplies from new-season crop in the local market. India is the world's biggest edible oils importer, buying more than half its needs of around 17 million tonnes a year from overseas. It uses mostly palm oil in unrefined form from Malaysia and Indonesia, the world's top producers. India oil imports value during September 2012 is 30.74 per cent higher than oil imports valued in the corresponding period last year. The import value in the current year is at US $ 14093.6 million and last year it was US $ 10779.5 million. Oil imports during April-September, 2012-13 were valued at US$ 80783.7 million which was 6.78 per cent higher than the oil imports of US $ 75653.3 million in the corresponding period last year. India's edible oil imports may rise by 20% due to the low crop output on account of deficit rains. Imports during the 10 month period from November 2011 to August 2012 reached 7.98 mt which was a rise of 20.7% according to data from Solvent Extractors Association. At the Indore spot market soyoil edged down -2.15 rupees to 672.7 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 641 after opening at 644, and finally settled at 642.4. For today's session market is looking to take support at 640.2, a break below could see a test of 638 and where as resistance is now likely to be seen at 645.4, a move above could see prices testing 648.4.

Trading Ideas:

Ref soyaoil trading range for the day is 638-648.4.

Ref soyaoil fell following a sharp fall in overseas markets and on rising soybean supplies from new-season crop

India is the world's biggest edible oils importer, buying more than half its needs of around 17 mln tns a year from overseas.

India oil imports value during September 2012 is 30.74% higher than oil imports valued in corresponding period last year

At the Indore spot market soyoil edged down by -2.15 rupee to 672.7 rupees 10 kgs.