Refined soya oil up 0.7% on rising demand

Oil for delivery in February traded higher by 0.5%

Refined soya oil prices traded higher by 0.65% to Rs 587.20 per 10 kg in futures trading today as speculators indulged in creating fresh positions amid rising demand in the spot market.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month April moved up by Rs 3.80, or 0.65%, to Rs 587.20 per 10 kg with an open interest of 70,650 lots.

Similarly, the oil for delivery in February traded higher by Rs 3.40, or 0.55%, to Rs 623.50 per 10 kg in 42,635 lots.

Analysts said apart from a rising demand in spot market, fall in arrivals from producing belts mainly led to the rise in refined soya oil prices at futures trade.