Soybean futures up on short covering

Soybean prices bounced back by Rs 27 to Rs 3,019 per quintal in future trading today as operators preferred to cover up short positions amid pick-up in demand at the domestic spot markets and positive global cues.
Marketmen said apart from covering-up of short positions, pick-up in demand amid tight supplies in spot markets mainly led to the rise in soybean prices in futures trade.
Moreover, positive global cues too influenced sentiment, they said.
At the National Commodity and Derivative Exchange, soybean for delivery in August rose by Rs 27 or 0.90 per cent to Rs 3,019 per quintal, in an open interest of 66,790 lots.

Soybean to be delivered in October contract also moved up by Rs 27 or 0.87 per cent to Rs 3,136 per quintal, open interest stood at 29,540 lots.