Refined soya oil up 0.4% on upsurge in demand

Refined soya oil prices were up by 0.36% to Rs 655.70 per 10 kg in futures trade today as speculators raised their bets amid uptick in demand in the spot market.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month July moved up by Rs 2.35 or 0.36 per cent to Rs 655.70 per 10 kg with an open interest of 1,04,630 lots.

Similarly, the oil for delivery in June contracts traded higher by Rs 2.20 or 0.34% to Rs 642.40 per 10 kg in 44,340 lots.

Analysts said enlarging of positions by participants on the back of pick up in demand in the spot market against tight stocks position on restricted supplies from producing regions mainly led to the rise in refined soya oil prices at futures trade.