Soyabean soars almost 4% on global cues

Participants enlarge positions, as firm trend in domestic market supports upside

Soyabean prices flared up Rs 145 to Rs 3,854 per quintal in futures trading today after participants enlarged positions, tracking a firming trend in global markets.

Besides, a firming trend at the domestic physical market too supported the upside.

Marketmen said widening of positions by participants, driven by firming trend in the overseas markets mainly led to the rise in soyabean prices at futures trade.

Furthermore, rising edible oil prices influenced futures trade, they said.

At the National Commodity and Derivatives Exchange, soyabean for delivery in February shot up by Rs 145, or 3.91 per cent, to Rs 3,854 per quintal, with an open interest of 6,160 lots.

The November contract shot up by Rs 135, or 3.81 per cent, to Rs 3,675 per quintal, having an open interest of 91,710 lots, while October delivery gained Rs 131, or 3.70 per cent, to Rs 3,671 per quintal and an open interest depicted 38,710 lots.