Ref Soyaoil yesterday traded with the positive node and settled 0.57% up at 635.25 on the back of pick-up in spot market demand.
As per latest monthly release from United states Department of Agriculture, India's oilseed production in the currently is slightly raised to 35.80 million tonnes against 34.45 million tonnes that were reported last year.
At the Indore spot market soyoil edged up by 3.55 rupee to 630 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 632.2 after opening at 633.9, and finally settled at 635.25.
For today's session market is looking to take support at 632.4, a break below could see a test of 629.5 and where as resistance is now likely to be seen at 637.9, a move above could see prices testing 640.6.
Trading Ideas:
Ref soyaoil trading range is 629.5-640.6.
Ref Soyaoil yesterday traded with the positive node on the back of pick-up in spot market demand
Ref Soya oil looks to take support at 632.40 level
Ref Soya oil having resistance at 637.90 level
At the Indore spot market soyoil edged up by 3.55 rupee to 630 rupees 10 kgs.
