Refined oil futures today rose by Rs 5.70 to Rs 513.95 per 10 kg as traders increased their positions to meet the onging festive season demand.
At the Multi Commodity Exchange, refined soya oil for September month contract rose by Rs 5.70, or 1.12 per cent, to Rs 513.95 per 10 kg with a business volume of eight lots.
Similarly, the oil for delivery in August month contract gained by Rs 5.20, or 1.04 per cent, to Rs 506.50 per 10 kg with a business turnover in 14 lots.
Analysts said increased buying by speculators to meet the festive season demand in the domestic market mainly led to rise in refined soya oil prices at the futures trade.
Restricted arrivals from overseas markets also supported the rise in prices.