Refined soya oil rises on spot demand

Refined oil prices rose by Rs 4.85, or 1.00 per cent, to Rs 491.55 per 10 kg in futures trade today as traders enlarged their positions to meet the ongoing marriage and festive season demand.

Restricted arrivals from overseas markets also supported the rise in prices.

At the Multi Commodity Exchange platform, refined soya oil for October-month contract rose by Rs 4.85, or one per cent, to Rs 491.55 per 10 kg, with a business volume of eight lots.

Similarly, the oil for delivery in November contract gained by Rs 4.50, or 0.92 per cent, to Rs 496.10 per 10 kg, with a business turnover in 20 lots.

 

Analysts said increased buying by speculators to meet the marriage and festive season demand in the domestic market, led to a rise in refined soya oil prices at the futures trade.