Soybean futures rise on fresh bets

Soybean prices on Wednesday went up by Rs 64 to Rs 4,701 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 64, or 1.38 per cent, to Rs 4,701 per quintal with an open interest of 43,200 lots.

Likewise, soybean for February delivery went up by Rs 55, or 1.18 per cent, to Rs 4,701 per quintal with an open interest of 195,990 lots.

Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.