Refined soya oil futures extend losses on sluggish demand

Continuing its losing streak for a third straight day, refined soya oil prices eased further by 0.53 per cent to Rs 643.80 per 10 kg in futures market today as participants engaged in reducing their positions, tracking a weak trend at spot market on subdued demand.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month August drifted lower by Rs 3.45, or 0.53 per cent to Rs 643.80 per 10 kg with an open interest of 1,04,220 lots.
On similar lines, the oil for delivery in July month contracts traded lower by Rs 2.45, or 0.38 per cent to Rs 642.50 per 10 kg in 98,550 lots.

Marketmen said trimming of positions by traders on the back of easing demand in the spot market against adequate stocks position on increased supplies from producing regions kept refined soya oil prices under pressure at futures trade.