Spot demand pushes up refined soya oil by 0.9%

Oil for delivery in November contracts moved up by 0.55%

Refined soya oil prices were up by 0.90% at Rs 623 per 10 kg in futures market today as speculators increased their bets, driven by pick-up in demand at the spot market.

At National Commodity and Derivatives Exchange, refined soya oil for delivery in December rose by 5.55, or 0.90%, to Rs 623 per 10 kg with an open interest of 1,32,640 lots.

Similarly, the oil for delivery in November contracts moved up by Rs 3.45, or 0.55%, to Rs 627 per 10 kg in 49,505 lots.

Analysts attributed the rise in refined soya oil futures to pick-up in demand in the spot market amid restricted supplies from producing regions.