Refined soya oil futures extend weakness on adequate stocks

New Delhi, Refined soya oil prices drifted lower by 0.16 per cent to Rs 639.40 per 10 kg in futures market today as the participants engaged in reducing their exposure, triggered by ample stocks at spot market against tepid demand.

At the National Commodity and Derivatives Exchange, refined soya oil for delivery in far-month September declined by Re 1, or 0.16 per cent to Rs 639.40 per 10 kg with an open interest of 82,630 lots.

Likewise, the oil for delivery in August shed 65 paise, or 0.10 per cent to Rs 635.50 per 10 kg in 35,660 lots. Traders said offloading of positions by traders, triggered by sufficient stocks position on higher supplies from growing regions in the physical market against muted demand, mainly kept refined soya oil futures prices lower.