Positive global cues lift soyabean futures 1.6%

Traders widen positions as domestic demand supports uptrend

Soybean prices flared up by Rs 69 to Rs 4,287 per quintal in futures trading, tracking a firming trend in overseas markets as speculators widened their positions.

Marketmen said the rise in soyabean prices at futures trade was mostly attributed to a firming trend in global markets and strong domestic demand.

At the National Commodity and Derivatives Exchange, soyabean for delivery in far-month March contracts spurted by Rs 69, or 1.64 per cent to Rs 4,287 per quintal, in an open interest of 2,150 lots.

Also, the most-active delivery in November was trading higher by Rs 48, or 1.20 per cent to Rs 4,042 per quitnal, with an open interest of 70,560 lots.