Soybean futures climb 3.08% as demand hardens

Soybean prices jumped 3.08 per cent to Rs 2,943 per quintal in futures trading today as speculators built up fresh bets, in line with positive cues from the spot market after demand grew.
At the National Commodity and Derivatives Exchange, soybean for delivery in December went up by Rs 88, or 3.08 per cent, to Rs 2,943 per quintal with an open interest of 1,99,320 lots.
Likewise, the oil for delivery in November contracts traded higher by Rs 22, or 0.78 per cent, to Rs 2,832 per quintal in 7,590 lots.
Marketmen said fresh positions created by participants, tracking a firm trend at the spot market on rising demand, influenced soybean prices.

Meanwhile, on Saturday, the Centre raised import duty on crude palm oil to 30 per cent from 15 per cent and on refined oil to 40 per cent from 25 per cent in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners, according to a notification.
Import duty on soyabean oil, sunflower oils, canola/mustard oils -- both crude and refined format -- has been raised, the notification released by the Central Board of Excise and Customs (CBEC) said.
Import duty on soyabean has also been increased.