Refined soya oil futures decline by 0.28% on sluggish demand

Refined soya oil prices drifted lower by 0.28 pr cent to Rs 695 per 10 kg in futures trade today as participants reduced their positions, driven by a fall in demand in the spot market against ample stocks position.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in February month moved down by Rs 1.95, or 0.28 per cent to Rs 695 per 10 kg with an open interest of 10,350 lots.
In a similar fashion, the oil for delivery in March contracts shed Rs 1.35, or 0.20 per cent to Rs 683.45 per 10 kg in 53,140 lots.

Analysts said trimming of positions by participants amid drop in demand in the spot market against ample stocks position on increased supplies from growing regions, mainly led to decline in refined soya oil prices at futures trade.