Soyabean extends gains, up 2.5%

Traders build huge positions on strong global cues

Extending its upward journey, soyabean prices rose by another Rs 96 to Rs 3,882 per quintal in futures trading today as traders engaged in building up huge positions amid positive overseas cues.

At the National Commodity and Derivatives Exchange, soyabean delivery for March surged Rs 96, or 2.54 per cent, to Rs 3,882 per quintal, having an open interest of 40 lots.

The November contract added Rs 12, or 0.33 per cent, to Rs 3,693 per quintal in an open interest of 82,630 lots.

Soyabean for delivery in October was trading higher by Rs 7, or 0.19 per cent, at Rs 3,688 per quintal in an open interest of 31,480 lots.

Marketmen said creation of huge positions by speculators, tracking positive overseas cues, influenced soyabean futures here.

Meanwhile, all active contracts hit upper circuit limits in yesterday's trade.