Soybean futures rise on fresh bets

Soybean prices on Tuesday went up by Rs 50 to Rs 3,896 per quintal in futures market as traders created fresh positions tracking positive spot demand.

On the National Commodity and Derivatives Exchange, soybean for June delivery rose by Rs 50, or 1.3 per cent, to Rs 3,896 per quintal with an open interest of 59,490 lots.

Soybean for July delivery went up by Rs 40, or 1.06 per cent, to Rs 3,828 per quintal with an open interest of 32.260 lots.

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