Refined soya oil up 0.4% on spot demand

Analysts said fresh positions built up by speculators, driven by rising demand in the spot market, mainly led to rise in the commodity

Refined soya oil prices recovered by 0.45% to Rs 681.40 per 10 kg in futures trade today as speculators created fresh positions amidst pick-up in domestic demand and restricted arrivals from producing regions.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June moved up by Rs 3.05, or 0.45%, to Rs 681.40 per 10 kg with an open interest of 1,21,570 lots.

Similarly, the oil for delivery in July gained Rs 2.85, or 0.43%, to Rs 665.35 per 10 kg in 1,47,750 lots.

Analysts said fresh positions built up by speculators, driven by rising demand in the spot market, mainly led to rise in refined soya oil prices in futures trade.