Commodity Trading Tips for Ref Soyaoil by KediaCommodity

Ref Soya OilRef Soyaoil yesterday traded with the negative node and settled -0.89% down at 698.95 on profit booking tracking weakness in spot demand and overseas prices though a weak rupee limited the downside. Overseas markets are influencing price movements in local markets. The record high imports of edible oils in January has raised supplies. India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January on record purchases of cheap palm oil from Southeast Asia. As per the Industry sources (SEA of India), the total edible oil import has remained at 11.32 LT vs 6.47 LT seen during same period last year. The highest increment is seen in CPO and soy oil. Import data of Vegetable oils (edible & non-edible) has set a new record of import, highest import in single month since import open in 1994. The overall import of vegetable oils during Nov.'12 to Jan.'13 is reported at 2,766,088 tons compared to 2,185,254 i. e. up by 26.58%. At the Indore spot market soyoil edged down -4.2 rupees to 720.3 rupees 10 kg. In yesterday's trading session Ref Soyaoil has touched the low of 696 after opening at 703.2, and finally settled at 698.95. For today's session market is looking to take support at 695.6, a break below could see a test of 692.2 and where as resistance is now likely to be seen at 702.8, a move above could see prices testing 706.6.

Trading Ideas:

Ref soyaoil trading range for the day is 692.18-706.58.

Ref soyaoil ended with losses on profit booking tracking weakness in spot demand and overseas prices.

Overseas markets are influencing price movements in local markets.

India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January.

At the Indore spot market soyoil edged down by -4.2 rupee to 720.3 rupees 10 kgs.