Refined soya oil futures remain weak on negative spot cues

Refined soya oil prices fell further by 0.42 per cent to Rs 739.20 per 10 kg in futures market today as speculators reduced their holdings, taking negative cues from spot market on low demand.

Besides, adequate stocks position on increased supplies from growing regions, too weighed on prices.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September fell by Rs 3.10, or 0.42 per cent, to Rs 739.20 per 10 kg with an open interest of 34,670 lots.

Likewise, the oil for delivery in August contracts was trading lower by Rs 2.40, or 0.32 per cent, to Rs 742.35 per 10 kg in 36,910 lots.

Analysts said cutting down of positions by participants on the back of tepid demand in the physical markets against sufficient stocks position on increased arrivals from producing belts, kept refined soya oil prices down at futures trade.