Refined soya oil futures slide 0.50% on fall in demand

Refined soya oil prices drifted lower by 0.50 per cent to Rs 647.70 per 10 kg in futures trade today as traders cut down their bets, driven by easing demand at the spot markets against adequate stocks position.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August fell by Rs 3.25, or 0.50 per cent to Rs 647.70 per 10 kg with an open interest of 51,690 lots.
Similarly, the oil for delivery in July contracts declined by Rs 2.70, or 0.42 per cent to Rs 643.20 per 10 kg in 32,990 lots.
Analysts said offloading of positions by participants due to fall in demand in the spot market against adequate stocks position on increased supplies from producing regions mainly weighed on refined soya oil prices at futures trade.