Soyabean futures extend gains on global cues, spot demand

Soyabean futures traded Rs 49 higher at Rs 4,058 per quintal today as speculators indulged in widening their positions, supported by positive global cues.
Besides, strong demand at the domestic spot markets too supported the upside.
At the National Commodity and Derivatives Exchange, soyabean for delivery in November month contract surged by Rs 49, or 1.22 per cent to Rs 4,058 per quintal, having an open interest of 87,170 lots.
On similar lines, soyabean for delivery this month was trading higher by Rs 18, or 0.45 per cent to Rs 4,015 per quintal, in an open interest of 3,430 lots.

Marketmen said widening of positions by participants, taking positive cues from overseas market and rising demand at domestic spot markets, influenced soybean prices at futurs trade here.