Ref Soyaoil yesterday traded with the positive node and settled 1.42% up at 664.7 on good spot demand for edible oils. Climbing demand from a growing and increasingly wealthy population and small increase in domestic production should mean India once again buys more vegetable oils next year, even though the world's biggest importer eased off this year.  Higher oilseed stocks have boosted local supplies in the year to October 2011 and rising global prices have curbed purchases, with imports down 9 percent in the first eight months. At the Indore spot market soyoil edged up by 2.75 rupee to 662.5 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 654.5 after opening at 655.5, and finally settled at 664.7. For today's session market is looking to take support at 657.4, a break below could see a test of 650 and where as resistance is now likely to be seen at 669.2, a move above could see prices testing 673.7.

Trading Ideas:

Ref soyaoil trading range is 650-673.7.

Ref Soyaoil yesterday traded with the positive node on good spot demand for edible oils

Ref soyoil looks to take support at 657.40 and resistance at 669.20.

Higher oilseed stocks have boosted local supplies in the year to October 2011

At the Indore spot market soyoil edged up by 2.75 rupee to 662.5 rupees 10 kgs.