Refined soya oil futures gain 0.57% on pick-up in demand

Refined soya oil prices were up by 0.57 per cent to Rs 579.65 per 10 kg in futures trade today as speculators widened positions amid pick-up in spot demand and tight supplies from producing belts.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in August moved up by Rs 3.30, or 0.57 per cent, to Rs 579.65 per 10 kg with an open interest of 1,73,965 lots.
Also, the oil for delivery in October traded higher by Rs 2.85, or 0.51 per cent to Rs 566.80 per 10 kg in 90,485 lots.
Market analysts said besides pick-up in demand in the spot market, restricted supplies from producing belts led to rise in refined soya oil prices at futures trade.