Low demand drags down refined soya oil futures by 0.31%

Refined soya oil prices were down 0.31 per cent to Rs 659.40 per 10 kg in futures trade today as participants reduced their exposure amid sluggish demand in the spot market.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November rose by Rs 2.05, or 0.31 per cent, to Rs 659.40 per 10 kg, with an open interest of 52,130 lots.
Likewise, the oil for delivery in October shed Rs 1.40, or 0.21 per cent, to Rs 654.30 per 10 kg in 46,070 lots.
Analysts said reducing of positions by traders on the back of muted demand in the spot market against ample stocks position on higher supplies from producing regions, mainly led to decline in refined soya oil prices at futures trade.