Refined soya oil futures rise on spot demand

Refined soya oil gained Rs 4.55 to Rs 595.60 per 10 kg in futures trade today as speculators enlarged their positions amid a pick up in demand in the spot market due to the ongoing marriage season.

At the Multi Commodity Exchange counter, refined soya oil for January delivery gained Rs 4.55, or 0.77 per cent, to Rs 595.60 per 10 kg, with a business turnover of three lots. 

Similarly, the oil for delivery in February edged up by Rs 3.65, or 0.60 per cent, to Rs 608.50 per 10 kg, with an open interest in just one lot.

Market analysts said increased buying by speculators keen to cash in on rising demand in the spot market due to the marriage season mainly pushed up refined soya oil futures prices.