Ref Soya oil yesterday traded with the negative node and settled -0.4% down at 620.25 on sluggish demand against adequate stocks position. China, the world's top soy importer, is expected to import 4.4 million tonnes of the oilseed in May, almost flat from a year-ago, according to the latest forecast by China's commerce ministry.
At the Indore spot market soyoil edged down by -1.05 rupee to 612.6 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 618.4 after opening at 622.75, and finally settled at 620.25.
For today's session market is looking to take support at 617.6, a break below could see a test of 615 and where as resistance is now likely to be seen at 623.7, a move above could see prices testing 627.1.
Trading Ideas:
Ref soyaoil trading range is 614.9-627.
Ref Soyaoil yesterday traded with the negative node on sluggish demand against adequate stocks position
Ref Soya oil looks to take support at 617.60 level
Ref Soya oil having resistance at 623.70 level
At the Indore spot market soyoil edged down by -1.05 rupee to 612.6 rupees 10 kgs.
