Refined soya oil futures weakens on subdued spot demand

Refined soya oil prices fell by Rs 3.10, to Rs 502.95 per 10 kg in futures trade today after speculators reduced their positions, driven by a weak trend at spot markets due to subdued demand.

At the Multi Commodity Exchange counter, refined soya oil for November-month fell by Rs 3.10, or 0.61 per cent, to Rs 502.95 per 10 kg, with an open interest of just one lot.

Similarly, the oil for delivery in October-month lost Rs 1.85, or 0.37 per cent, to Rs 494.15 per 10 kg, with a business turnover of one lot.

Market analysts said fall in demand at the spot markets amid adequate supplies, led to a decline in refined soya oil prices in futures trade here.