Refined soya oil futures decline on sluggish demand

Refined soya oil prices declined by Rs 3.50 to Rs 651.90 per 10 kg in futures trade today as speculators reduced their positions on sluggish demand in the spot market against adequate stocks.

At the Multi Commodity Exchange, refined soya oil for delivery in June declined by Rs 3.50, or 0.53% to Rs 651.90 per 10 kg, with a business turnover of 10 lots.

Market analysts said speculators reduced their positions, driven by sluggish demand in the spot market, which led to the fall in refined soya oil futures prices.