Refined soya oil futures extend gains, up 0.49% on firm demand

Extending its rising streak for the second day, refined soya oil prices strengthened by another 0.49 per cent to Rs 672.30 per 10 kg in futures trading today as speculators engaged in building up positions,driven by rising demand in the spot market.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October gained Rs 3.25, or 0.49 per cent to Rs 672.30 per 10 kg with an open interest of 39,910 lots.

Similarly, the oil for delivery in September contracts was trading higher by Rs 2.65, or 0.40 per cent to Rs 663.50 per 10 kg in 47,420 lots.
 

Analysts said expanding of positions by traders on the back of rising demand in the spot market against restricted supplies from producing belts mainly kept refined soya oil prices in positive terrain at futures trade.