Soybean futures surge 3% on strong demand

NEW DELHI: Soybean prices on Friday went up by Rs 255 to Rs 7,574 per quintal in futures market as traders created fresh positions tracking positive spot demand.

On the National Commodity and Derivatives Exchange, soybean for April delivery rose by Rs 255, or 3.48 per cent, to Rs 7,574 per quintal with an open interest of 3,305 lots.

Likewise, Soybean for May delivery went up by Rs 208, or 2.96 per cent, to Rs 7,230 per quintal with an open interest of 1,03,925 lots.

Marketmen said raising of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.