Soyabean futures decline on sluggish demand

Soyabean prices traded lower by Rs 1.50, or 0.07 per cent, to Rs 2,061 per quintal in futures trade today, as speculators reduced their positions after fall in demand at spot markets.

At the National Commodity and Derivatives Exchange counter, soyabean for September declined by Rs 1.50, or 0.07 per cent, to Rs 2,061 per quintal, with an open interest of 7,47,940 lots.

Similarly, the oil for delivery in October lost Rs 0.50, or 0.02 per cent, to Rs 2,066.50 per quintal, with an open interest of 81,350 lots.

Marketmen said positions reduced by speculators and fall in demand in the spot market mainly led to a fall in soyabean prices at futures trade.