Refined soya oil futures decline 0.70% on low spot demand

Refined soya oil prices were down by 0.70 per cent to Rs 591.10 per 10 kg in futures trade today amid subdued demand at the spot market against adequate stocks.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month February fell by Rs 4.15, or 0.70 per cent, to Rs 591.10 per 10 kg with an open interest of 1,00,420 lots.

Similarly, the oil for delivery in January contracts shed Rs 2.35, or 0.39 per cent, to Rs 596.60 per 10 kg in 18,690 lots.

Analysts attributed the fall in refined soya oil futures to tepid demand at the spot market against adequate stocks on higher supplies from producing belts.