At the National Commodity and Derivatives Exchange, refined soya oil for delivery in January declined by Rs 2.15, or 0.31 per cent, to Rs 688.50 per 10 kg with an open interest of 38,760 lots.
Similarly, oil for delivery in February traded lower by Rs 1.15, or 0.17 per cent, to Rs 682.70 per 10 kg in 12,2850 lots.
Analysts said reducing of positions by speculators due to subdued demand in the spot market against adequate stocks position led to decline in refined soya oil prices at futures trade.