Refined soya oil up 0.5% on strong demand

Oil for delivery in July traded higher by 0.54%

Supported by strong domestic demand and tight supplies from producing regions, refined soya oil prices rose 0.52% to Rs 692.50 per 10 kg in futures trading today as speculators enlarged positions.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June gained Rs 3.60, or 0.52%, to Rs 692.50 per 10 kg with an open interest of 45,760 lots.

In a similar fashion, the oil for delivery in July traded higher by Rs 3.60, or 0.54%, to Rs 671 per 10 kg in 69,550 lots.

Analysts said speculators enlarged positions on a firm trend at spot market on strong demand against limited arrivals from producing regions which supported the upside in refined soya oil prices at futures trade.