Soybean futures up on spot demand

Soybean prices rose by Rs 33 to Rs 3,575 per quintal in futures trade Friday as speculators raised their positions due to strong spot demand. Tight arrivals from producing regions further influenced the prices.

On the National Commodity and Derivatives Exchange, soybean contracts for July delivery were up by Rs 33, or 0.33 per cent, to Rs 3,575 per quintal with an open interest of 9,950 lots. Marketmen said fresh positions created by participants following upsurge in domestic demand, mainly pushed up soybean prices here.