Refined soya oil prices drifted further lower by 0.50 per cent to Rs 657 per 10 kg in futures market today as the participants indulged in reducing their positions, tracking a weak trend at spot market on easing demand.
Furthermore, adequate stocks on increased supplies from producing regions put pressure on refined soya prices.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September month declined by Rs 3.30, or 0.50 per cent to Rs 657 per 10 kg with an open interest of 67,330 lots.
On similar lines, the oil for delivery in September contracts traded lower by Rs 2.60, or 0.39 per cent to Rs 664.40 per 10 kg in 46,370 lots.
Analysts said offloading positions by traders due to muted demand in the spot market against ample stocks position on higher supplies from producing belts, mainly influenced refined soya oil prices at futures trade.
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