Soybean futures rise on fresh bets

Soybean prices on Thursday went up by Rs 70 to Rs 4,594 per quintal in futures market as traders created fresh positions tracking positive spot demand. Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.

Soybean prices on Thursday went up by Rs 70 to Rs 4,594 per quintal in futures market as traders created fresh positions tracking positive spot demand. On the National Commodity and Derivatives Exchange, soybean for January delivery rose by Rs 70, or 1.55 per cent, to Rs 4,594 per quintal with an open interest of 1,18,635 lots.

Likewise, Soybean for February delivery went up by Rs 68, or 1.51 per cent to Rs 4,577 per quintal with an open interest of 1,43,705 lots. Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.