Refined soya oil rises 0.42% as demand picks up

Speculators create fresh positions as restricted supplies from producing belts support uptrend

Refined soya oil prices traded higher by 0.42 per cent to Rs 586.50 per 10 kg in futures trade today as speculators created fresh positions, amid pick up in domestic demand and restricted supplies from producing belts.

At the National Commodity and Derivatives Exchange, refined soya oil contract for June month rose by Rs 2.45, or 0.42 per cent to Rs 586.50 per 10 kg with an open interest of 1,14,955 lots.

The August contract traded higher by Rs 1.40, or 0.25 per cent to Rs 570.60 per 10 kg in 1,18,465 lots.

Market analysts said fresh positions built up by speculators due to pick up in demand in spot market led to rise in refined soya oil prices at futures trade.

The said restricted arrivals from producing belts, also supported the upside.