Muted demand drags down refined soya oil futures 0.50%

Refined soya oil prices drifted lower by 0.50 per cent to Rs 723.10 per 10 kg in futures trade today as speculators reduced exposure amid fall in demand in the spot market against adequate stock position.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in February fell by Rs 3.60, or 0.50 per cent, to Rs 723.10 per 10 kg with an open interest of 35,800 lots.
The oil for delivery in January contracts declined by Rs 2.60, or 0.36 per cent, to Rs 718.45 per 10 kg in 44,810 lots.
Market analysts said offloading of positions by participants on the back of easing demand in the physical market against sufficient stock position pushed down refined soya oil prices.