Refined soya oil maintains upward trend on rising demand

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Continuing its upmove for the second day, refined soya oil prices strengthened by 0.20 per cent to Rs 738.50 per 10 kg in futures trade today as speculators raised bets amid rising demand in the spot market.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in March contracts edged up by Rs 1.50, or 0.20 per cent, to Rs 738.50 per 10 kg with an open interest of 40,340 lots.

Likewise, the oil for delivery in February contracts were trading higher by 50 paise, or 0.07 per cent, at Rs 735.85 per 10 kg in 9,890 lots.

Analysts said widening of positions by traders on back of soaring demand in the physical market against tight stocks position on fall in supplies from producing belts kept refined soya oil prices higher in futures trade.

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