Muted demand drags down refined soya oil futures by 1.02%

Refined soya oil prices fell by 1.02 per cent to Rs 654.50 per 10 kg in futures trade today as participants reduced their positions, tracking a weak trend at spot market on sluggish demand against adequate stocks position.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October month fell by Rs 6.75 or 1.02 per cent to Rs 654.50 per 10 kg with an open interest of 56,830 lots.
Similarly, the oil for delivery in November contracts traded lower by Rs 6.30 or 0.95 per cent to Rs 657.40 per 10 kg in 52,380 lots.

Analysts said offloading of positions by traders on the back of subdued demand in the spot market against ample stocks position on higher supplies from producing regions, mainly pulled down refined soya oil prices at futures trade.