Refined soya oil up 0.3% as demand picks up

According to analysts, restricted supplies from producing regions also affected the price of the commodity

Refined soya oil prices edged up by 0.32 per cent to Rs 627 per 10 kg in futures market today as participants enlarged positions, largely on the back of pick up in demand in the spot market.

Besides, tight stocks on restricted supplies from producing regions supported the upside.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in July inched up by Rs 2 or 0.32 per cent to Rs 627 per 10 kg with an open interest of 5,500 lots.

The oil for delivery in August contracts traded higher by a similar margin to Rs 636.20 per 10 kg in 1,08,700 lots.
 
Analysts said besides uptick in demand in the spot market, restricted supplies from producing regions mainly attributed rise in refined soya oil prices at futures trade.