Refined soya oil down 0.5% on sluggish demand

Refined soya oil prices fell by 0.57% to Rs 692 per 10 kg in futures market today as speculators reduced positions, driven by sluggish demand in the spot market against adequate stocks position.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in December fell by Rs 3.95, or 0.57%, to Rs 692 per 10 kg with an open interest of 20,400 lots.

Likewise, oil for delivery in January traded lower by Rs 3.45, or 0.50%, to Rs 691 per 10 kg in 1,00,460 lots.

Analysts said speculators reducing positions due to subdued demand in the spot market against adequate stocks position led to decline in refined soya oil prices at futures trade.