Refined soya oil up 0.7% on pick-up in demand

Oil for delivery in March moved up by 0.62%

Refined soya oil prices gained 0.76% to Rs 689.25 per 10 kg in futures trade today as speculators created fresh positions after pick-up in demand in the spot market due to the ongoing marriage season.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in February gained Rs 5.20, or 0.76%, to Rs 689.25 per 10 kg with an open interest of 87,470 lots.

Similarly, oil for delivery in March moved up by Rs 4.20, or 0.62%, to Rs 677.10 per 10 kg in 81,990 lots.

Analysts said speculators created fresh positions after pick-up in demand in the spot market due to the ongoing marriage season led to a rise in refined soya oil prices at futures market.