Ref. SOYA OIL MARKET RISES ON SHORT COVERING

• Ref.Soya oil settled up 3.99% at 635.3 as support seen after Government has raised the import tax on crude edible oils and refined oils by 5 percentage points each. 
• India's soya oil imports jumped to 121,097 tons compared to 14,980 tons for the same period a year ago, data released by the SEA of India showed.
• Technically market is under short covering as market has witnessed drop in open interest by -2.78% to settled at 67715 while prices up 24.4 rupee.
• Now Ref.Soya oil is getting support at 628 and below same could see a test of 620 level, and resistance is now likely to be seen at 639, a move above could see prices testing 642.
• At the Indore spot market in Madhya Pradesh, soya oil was steady at 639.25 rupees per 10 kgs.