Robust demand lifts refined soya oil futures by 4%
Refined soya oil prices surged by 4 per cent to hit upper circuits at Rs 735.90 per 10 kg in futures trade today as speculators indulged in built-up of fresh positions, driven by upsurge in demand at the spot markets.
Besides, tight stocks position on fall in arrivals from producing belts supported the upmove.
At the Multi Commodity Exchange, refined soya oil for January 2018 shot up by Rs 28.30, or 4 per cent to Rs 735.90 per 10 kg with an open interest of 16,250 lots.
On similar lines, the oil for delivery in December contracts went up by Rs 27.90, or 3.99 per cent to Rs 726.35 per 10 kg in 51,280 lots, while November month traded higher by Rs 13.90, or 2.05 per cent to Rs 693 per 10 kg in 11,590 lots.
Analysts said fresh positions created by traders on the back of uptick in demand from consuming industries in the physical market against tight stocks position on fall in arrivals from growing regions, mainly pushed up refined oil prices at futures trade.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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