Ref soyoil ended flat with negative bias tracking weakness in international prices & domestic spot markets.
China's edible oil imports in January rose 2% on year to 620,000 metric tons, a decline of 15% from December, the General Administration of Customs said Friday.
In 2011, China imported 6.57 million tons of edible oil, down 4.4%, customs data showed earlier.
Argentina's Agriculture Ministry in its monthly report reduced its soybean forecast to 48.9 million tonne from 52 million tonnes.
Brazil’s production estimates are reduced to 71.50 million tonnes this year from 75.3 million tonnes last year.
Appreciation of Indian rupee again US dollar in the last 2-3 trading sessions also provided support to the bears as imports of edible oil would be cheaper and India imports about 50% of its total requirement.
At the Indore spot market soyoil edged down by -3.5 rupee to 698.25 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 685.65 after opening at 691, and finally settled at 688.95.
For today's session market is looking to take support at 686.1, a break below could see a test of 683.2 and where as resistance is now likely to be seen at 691.4, a move above could see prices testing 693.9.
Trading Ideas:
Ref soyaoil trading range for the day is 683.1-693.8.
Ref soyoil ended flat with negative bias tracking weakness in international prices & domestic spot markets
China's edible oil imports in January increased by 2% from the last year in the same month to 6.20 lakh Tonnes
China imported 6.57 million tons of edible oil, down 4.4%, customs data showed earlier
At the Indore spot market soyoil edged down by -3.5 rupee to 698.25 rupees 10 kgs.
Courtesy: Kedia Commodities
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