Refined soya oil gains 0.39% on rising spot demand

Refined soya oil prices were up by 0.39 per cent to Rs 624.10 per 10 kg in futures trading today as speculators enlarged positions amid strong domestic demand and tight supplies from producing regions.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September rose by Rs 2.45, or 0.39 per cent, to Rs 624.10 per 10 kg with an open interest of 11,615 lots.
Similarly, the oil for delivery in October traded up by Rs 2.35, or 0.40 per cent, to Rs 584.50 per 10 kg in 1,04,100 lots.
Analysts said the rise in refined soya oil prices was mostly due to strong demand in spot markets against restricted arrivals from producing belts.