Refined soya oil futures extend gains on strong demand

Refined soya oil prices rose further by 0.61 per cent to Rs 655.50 per 10 kg in futures market today as traders engaged in widened their positions, tracking a firm trend at spot market on rising demand.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October went up by Rs 3.95, or 0.61 per cent to Rs 655.50 per 10 kg with an open interest of 58,940 lots.
On similar lines, the oil for delivery in September contracts gained Rs 2.80, or 0.43 per cent to Rs 650 per 10 kg in 5,680 lots.
Analysts said widening of positions by participants on the back of strong demand in the spot market against restricted supplies from producing belts mainly kept refined soya oil prices higher at futures trade.