Ref Soyaoil yesterday traded with the negative node and settled -0.63% down at 657.65 as correction was seen in soy refined prices due to profit booking amid weak palm oil prices. Demand in physical markets, remains up supporting the prices. The festive season is going on and consumption demand usually increases during this season. The overall import of vegetable oils during Nov.’10 to July ’11 is reported at 6,043,403 tons compared to
6,382,314 tons during the same period of last year i. e. down by 5.3%.Current stock of edible oils as on 1st August, 2011 at various ports is estimated at 560,000 tons. At the Indore spot market soyoil edged down by -1.8 rupee to
664.75 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 655 after opening at 660.5, and finally settled at 657.65. For today's session market is looking to take support at 654.1, a break below could see a test of 650.6 and where as resistance is now likely to be seen at 662, a move above could see prices testing 666.4.

Trading Ideas:

Ref soyaoil trading range is 650.6-666.4.

Ref Soyaoil dropped as correction was seen in soy refined prices due to profit booking

The festive season is going on and consumption demand usually increases during this season.

The overall import of vegetable oils during Nov.’10 to July ’11 is reported at 6,043,403 tons

At the Indore spot market soyoil edged down by -1.8 rupee to 664.75 rupees 10 kgs.