Upsurge in spot demand lifts refined oil futures by 0.26%

Amid uptick in demand at the domestic spot markets and restricted arrivals from producing regions, refined soya oil prices were up by 0.26 cent to Rs 726.80 per 10 kg in futures trade today as traders built up fresh positions.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in February month went up by Rs 1.85, or 0.26 per cent to Rs 726.80 per 10 kg with an open interest of 44,060 lots.
Likewise, the oil for delivery in January month contracts was up by Re 1, or 0.14 per cent to Rs 732 per 10 kg in 9,290 lots.

Analysts said fresh positions created by participants following pick up in demand in the physical market against restricted supplies from producing belts, mainly led to the rise in refined soya oil prices at futures trade.