Refined soya oil futures rise 0.52 pc on spot demand

Refined soya oil prices were up by 0.52 per cent to Rs 644 per 10 kg in futures market today as participants raised their bets amid a firm trend at spot market on pick up in demand.
Tight stocks position on restricted supplies from producing regions also fuelled the uptrend.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August rose by Rs 3.30, or 0.52 per cent to Rs 644 per 10 kg with an open interest of 1,01,640 lots.
Similarly, the oil for delivery this month gained Rs 2.20, or 0.35 per cent to Rs 637.10 per 10 kg in 42,000 lots.

Analysts said widening of positions by traders driven by pick-up in demand in the spot market against restricted supplies from producing belts, mainly led to the rise in refined soya oil prices at futures trade.