Refined soya oil remains weak on subdued spot demand

Speculators pare positions as higher arrivals from producing belts fuel downward trend; April contract sheds 0.37%

Refined soya oil prices fell by 0.37 per cent to Rs 583.80 per 10 kg in futures trade today as speculators indulged in reducing positions amid weak cues from spot market.

Besides, adequate stocks position in the physical market on higher supplies from producing belts kept pressure on refined soya oil prices.

At National Commodity and Derivatives Exchange, refined soya oil for delivery in April shed Rs 2.15, or 0.37 per cent, to Rs 583.80 per 10 kg with an open interest of 66,135 lots.

The June contract traded lower by Rs 1.50, or 0.27 per cent, to Rs 558.30 per 10 kg in 1,17,950 lots.

Market analysts said offloading of positions by speculators due to low demand in the spot market, influenced refined soya oil prices at futures trade.