Refined soya oil futures up on high spot demand

Refined oil futures prices continued to rise for the second straight day by adding Rs 5.05 to Rs 582.70 per 10 kg today, as speculators enlarged their positions, driven by a rising spot market demand.

At the Multi Commodity Exchange counter, refined soya oil for delivery in January added Rs 5.05, or 0.87 per cent to Rs 582.70 per 10 kg, with a trade volume of just one lot.

Similarly, the oil for delivery in December traded higher by Rs 2.65, or 0.46 per cent to Rs 575.30 per 10 kg, with a busines volume of three lots. 

Analysts said pick up in demand in the spot market due to the current marriage season led to a rise in refined soya oil futures prices.