Refined soya futures extend weakness on ample stocks

Refined soya oil prices fell 1.53 per cent to Rs 594 per 10 kg in futures trading today, triggered by adequate stocks on higher supplies from producing regions at the spot market against sluggish demand.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in November month declined Rs 9.25, or 1.53 per cent to Rs 594 per 10 kg with an open interest of 14,115 lots.
Likewise, the oil for delivery in December contracts shed Rs 2.95, or 0.49 per cent to Rs 598.60 per 10 kg in 1,42,425 lots.
Market analysts said offloading of positions by traders, driven by sufficient stocks on higher supplies from producing regions in the physical market against sudued demand kept refined soya oil prices lower at futures trade.