Refined soya oil gain over 2% on spot demand

Refined soya oil futures prices shot up by Rs 13.10 to Rs 654.55 per 10 kg in futures trade today, as speculators engaged in enlarging positions in tandem with a firming trend in the spot market on good demand.

Tight supplies in the physical market further fueled the uptrend.

At the Multi Commodity Exchange counter, refined soya oil for delivery in February shot up by Rs 13.10, or 2.04 per cent, to Rs 654.55 per 10 kg, with an open interest of three lots.     

Likewise, the oil for delivery in January moved up by Rs 11.55, or 1.83 per cent, to Rs 641.55 per 10 kg, with a business turnover of three lots.   

Market analysts said increased buying by speculators on rising demand in the spot market due to the ongoing marriage season, led to a rise in refined soya oil futures prices.