Ref. Soyaoil settled down by -0.36% at 569.6 on oversupply woes and on speculation of higher imports duty. India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons for the same period a year ago, data released by the SEA of India showed. However, sharp fall in the prices was cuhsioned by speculation of higher imports duty after SOPA and SEA of India requested government to hike in custom duty on import of crude edible and refined oil after the imports reached a record level. The industry has requested government to raised import duty on crude edible oil and refined oil by another 30% on both crude and refined oils taking it to 37.5% on crude and 45% on refined edible oils. Oilseeds sowing rose to 16.37 million hectare from 16.08 million hectare a year ago on the back of higher acreage of soybean and sesame. India's monthly requirement of soya oil is presently reported around 15-16 lakh tons against while stocks available is over 21.80 lakh tons, which is equal to nearly one and a half month requirements. This implies that the current stocks are ample to meet the near term demand of Indian consumers. At the Indore spot market in Madhya Pradesh, soyoil was steady at 584.25 rupees per 10 kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -3.11% to settled at 91710 while prices down -2.05 rupee, now Ref. Soya oil is getting support at 568 and below same could see a test of 567 level, And resistance is now likely to be seen at 571, a move above could see prices testing 573.

Trading Ideas:

Ref. Soya oil trading range for the day is 567-573.

Ref soyoil prices traded in the range on oversupply woes and on speculation of higher imports duty.

India's soyoil imports jumped to 349,436 tons in July, its highest since August 2001 and compared to 306,068 tons for the same period a year ago.

Oilseeds sowing rose to 16.37 million hectare from 16.08 million hectare a year ago on the back of higher acreage of soybean and sesame.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 584.25 rupees per 10 kgs.