Soybean futures climb Rs 55 on global cues

Soybean prices spurted by Rs 55 to Rs 2,918 per quintal in futures trade today as participants built up fresh positions, driven by firm overseas markets.
Marketmen said fresh positions created by speculators, tracking a firm trend in global markets mainly supported the upmove in soybean prices in the futures market here.
Moreover, tight supplies against pick up in demand in domestic spot markets also influenced prices, they added.
At the National Commodity and Derivatives Exchange, soybean for delivery in May surged by Rs 55, or 1.92 per cent, to Rs 2,918 per quintal, with an open interest of 58,540 lots.

Also, the most-active delivery in June gathered Rs 47, or 1.60 per cent, to Rs 2,984 per quintal, mirroring an open interest of 1,06,990 lots.