Low demand weighs on refined soya oil futures, shed 0.28%

Refined soya oil prices drifted lower by 0.28 per cent to Rs 652.70 per 10 kg in futures trade today as the participants cut down their bets owing to slackened demand in the spot market against adequate stocks.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August month declined by Rs 1.85, or 0.28 per cent to Rs 652.70 per 10 kg with an open interest of 5,700 lots.
Likewise, the oil for delivery in far-month September contracts traded lower by Rs 1.65, or 0.25 per cent to Rs 669.10 per 10 kg in 67,730 lots.

Analysts said reducing of positions by traders due to lower demand in the spot market against adequate stocks position on higher supplies from producing belts mainly led to decline in refined soya oil prices at futures trade.