Refined soya oil extends weakness, down 0.82% on tepid demand

Continuing its falling streak for the sixth straight day, refined soya oil prices fell by another 0.82 per cent to Rs 660.50 per 10 kg in futures trade today as participants engaged in reducing their positions, tracking a weak trend at spot market on subdued demand.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October month declined by Rs 5.45, or 0.82 per cent to Rs 660.50 per 10 kg with an open interest of 49,540 lots.
In a similar fashion, the oil for delivery in September contracts moved down by Rs 3.85, or 0.59 per cent to Rs 654.20 per 10 kg in 58,280 lots.

Analysts said trimming of positions by traders on the back of sluggish demand in the spot market against adequate stocks position on increased supplies from producing belts, mainly kept refined soya oil prices down at futures trade.