Refined soya oil remains up on spot demand

Refined oil futures prices rose by Rs 1.85 to Rs 644.45 per 10 kg in futures trade today, as traders indulged in creating fresh positions in tandem with a firm trend in the spot market.

Fall in supplies from overseas markets supported the rise in futures prices.

At the Multi Commodity Exchange counter, refined soya oil for delivery in February rose by Rs 1.85, or 0.26 per cent, to Rs 644.45 per 10 kg, with a business turnover of 20 lots.

March-month delivery contract surged by Rs 1.35, or 0.21 per cent, to Rs 650 per 10 kg, with a business turnover of just one lot.

Similarly, the oil for delivery in January surged by Rs 1.25, or 0.20 per cent, to Rs 633.60 per 10 kg, with an open interest of 16 lots.

Market analysts said increased buying by speculators on rising demand in the spot market, led to the rise in refined soya oil prices in futures trade.