Easing demand drags down refined soya oil futures by 1.59%

Refined soya oil prices dropped by 1.59 per cent to Rs 701.50 per 10 kg in futures trade today as participants reduced their positions, driven by easing demand at the domestic spot market against ample stocks position.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in March fell by Rs 11.35, or 1.59 per cent, to Rs 701.50 per 10 kg, with an open interest of 23,040 lots.
On similar lines, the oil for delivery in February moved down by Rs 9.75, or 1.36 per cent, to Rs 707.20 per 10 kg in 42,510 lots.
Analysts said offloading of positions by participants amid fall in demand in the spot market against ample stocks position on increased supplies from growing regions, mainly pulled down refined soya oil prices at futures trade.