Refined soya oil rises in futures trade on spot demand

Refined soya oil prices were higher by 0.65 per cent to Rs 585.45 per 10 kg in futures trading today as speculators indulged in creating fresh positions, driven by strong demand in the spot market in view of festive season.
Besides, tight stocks positions in the physical market on restricted arrivals from producing belts, fuelled the uptrend.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November moved up by Rs 3.80, or 0.65 per cent to Rs 585.45 per 10 kg with an open interest of 94,120 lots.
Likewise, the oil for delivery in October gained Rs 2.55, or 0.42 per cent to Rs 608.10 per 10 kg in 64,190 lots.

Analysts said besides strong demand in the spot market driven by ongoing festive season, restricted arrivals from producing belts pushed up refined soya oil prices at futures trade.