Refined soya oil futures extend losses, down 1.11%

Continuing its falling streak for the third straight day, refined soya oil prices moved down by 1.11 per cent to Rs 703.70 per 10 kg in futures market today as participants engaged in offloading their positions, tracking a weak trend at spot market on tepid demand.
Besides, adequate stocks position on increased supplies from producing regions also weighed on prices.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in February drifted lower by Rs 7.90, or 1.11 per cent, to Rs 703.70 per 10 kg, with an open interest of 26,220 lots.
Similarly, the oil for delivery in January declined by Rs 7.65, or 1.07 per cent, to Rs 706.20 per 10 kg in 50,900 lots.

Analysts said trimming of positions by traders on the back of subdued demand in the spot market against ample stocks position, mainly kept refined soya oil prices down at futures trade.