Commodity Trading Tips for Ref Soya Oil by KediaCommodity

Ref Soyaoil yesterday traded with the positive node and settled 1.37% up at 738.6 on bargain-buying driven by gains in the world market and on lower arrivals of oilseeds in the local spot markets. Rebound in overseas market lifted the local market. Weakness in the rupee and falling arrivals of rapeseed and soybean are also supporting the market. A weak rupee makes edible oil imports expensive and at the same time raises returns of oilmeal exporters. The country imported 4.71 million tonnes of vegetable oils in November to April, up 31 percent from the year-ago period, data from a leading trade body showed. The Solvent Extractors Association of India has compiled the import data of Vegetable oils (edible & non-edible) for the month of February 2012. The import of vegetable oils during February 2012 is reported at 875,649 tons compared to 550,901 tons in February 2011, consisting of 872,293 tons of edible oils and 3,356 tons on non-edible oils i.e. up by 58.95%. The overall import of vegetable oils during November 2011 to February 2012 is reported at 3,060,903 tons compared to 2,693,703 tons i.e. up by 13.63%. At the Indore spot market soyoil edged up by 1.85 rupee to 725.25 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 730 after opening at 730, and finally settled at 738.6. For today's session market is looking to take support at 732.2, a break below could see a test of 725.9 and where as resistance is now likely to be seen at 742.7, a move above could see prices testing 746.9.

Trading Ideas:

Ref soyaoil trading range for the day is 725.87-746.87.

Ref soyoil rose on bargain-buying driven by gains and on lower arrivals of oilseeds in the local spot markets.

Weakness in the rupee and falling arrivals of rapeseed and soybean are also supporting the market.

The country imported 4.71 million tonnes of vegetable oils in November to April, up 31 percent

At the Indore spot market soyoil edged up by 1.85 rupee to 725.25 rupees 10 kgs.

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