Refined soya oil futures climb 1.71 pc on rising demand

Refined soya oil prices shot up by 1.71 per cent to Rs 585.50 per 10 kg in futures trade today as speculators created fresh positions amid rising spot demand.
Further, tight supplies in the physical market from producing belts also supported the upside.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November jumped up by Rs 9.85, or 1.71 per cent to Rs 585.50 per 10 kg with an open interest of 71,590 lots.
In a similar fashion, the oil for delivery in October gained Rs 8.15, or 1.38 per cent to Rs 600.35 per 10 kg in 83,475 lots.

Analysts said the rise in refined soya oil prices was mostly attributed to firm demand in spot markets ahead of festive season against tight supplies from producing belts.