Refined soya oil futures slip 0.32% on sluggish demand

Refined soya oil prices drifted lower by 0.32 per cent to Rs 624.60 per 10 kg in futures trade today as traders cut down their positions, taking negative cues from the spot market on subdued demand.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month August fell by Rs 2, or 0.32 per cent, to Rs 624.60 per 10 kg with an open interest of 25,280 lots.
Likewise, the oil for delivery in July contracts shed 80 paise, or 0.13 per cent, to Rs 623.60 per 10 kg in 48,270 lots.
Analysts said offloading of positions by participants amid sluggish demand in the spot market against adequate stock following increased supplies from producing regions weighed on the refined soya oil prices.