Refined soy oil trading range for the day is 717.78-730.78. The market is looking to take support at 721.6, a break below could see a test of 717.8 and resistance is now likely to be seen at 728.1, a move above could see prices testing 730.8. In yesterday's trading session ref soy oil touched the low of 720.5 after opening at 721.05, and finally settled at 725.35.
Ref soy oil yesterday traded with the positive node and settled 1.16% up at 725.35 due to rising soy meal exports amid firm spot market demand. At the Indore spot market, soy oil edged up by 0.95 rupees to 717.15 rupees 10 kgs.
NCDEX refined soy oil settled up by more than 1 percent because of strong global market and buying zone in the market and also is likely to gain up to Rs.735 on higher side.
NCDEX July soy oil futures ended in green on account of firm overseas market due to improved global equity and commodity market sentiment on the back of Spain’s stimulus package of $125 billion from euro finance minister.