Refined soya oil declines on profit taking

Refined soya oil declined by Rs 3.70 to Rs 582 per 10 kg in futures trade today, as speculators locked in profits at higher levels, influenced by fall in demand in the spot market.

At the Multi Commodity Exchange counter, refined soya oil for December-month contract fell by Rs 3.70, or 0.63 per cent to Rs 582 per 10 kg, with a trading volume of one lot, while January delivery down by 2.85 or 0.63 per cent to Rs 601.40, with a business volume of 74 lots.

Similarly, the oil for February delivery declined by Rs 2.65 or 0.43 per cent to Rs 614 per 10 kg, with a business turnover of four lots. 

Prices of refined soya oil futures dipped as speculators indulged in profit-taking at existing higher levels, traders said.