Ref Soya Oil on NCDEX settled down by -0.29% at 643.8 amid subdued demand of soybean from oil crusher. Prices also seen under pressure on over supply following higher imports data. The Soybean Processors Association of India (SOPA) has urged the Narendra Modi government to increase duty on imported crude soybean oil to 37.5% and 45% on refined soybean oil, which is the WTO bound rate.
Technically market is under long liquidation as market has witnessed drop in open interest by -1.98% to settled at 67900, now Ref.Soya oil is getting support at 640 and below same could see a test of 637 level, and resistance is now likely to be seen at 646, a move above could see prices testing 649.
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