Refined soya oil rises on spot demand

Refined soya oil futures prices rose by Rs 8.40 to Rs 649 per 10 kg today, as traders enlarged their positions in tandem with a firm trend in the spot market due to marriage season. 

Fall in supplies from overseas markets also supported the rise in prices.

At the Multi Commodity Exchange counter, refined soya oil for delivery in March rose by Rs 8.40, or 1.05 per cent, to Rs 679.45 per 10 kg, with a business turnover of three lots.   

Similarly, the oil for delivery in February by Rs 6.35, or 0.90 per cent, to Rs 672 per 10 kg, with an open interest of nine lots.

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