Soyabean futures rise on profit booking
Soyabean futures moved up marginally on NCDEX counter on Wednesday owing to profit booking and a firm global market.
By PTI |
NEW DELHI: Soyabean futures moved up marginally on NCDEX counter on Wednesday owing to profit booking and a firm global market. At 1230 hrs, the most-active September contract rose by 0.53 per cent at Rs 2,370 per quintal.
October contract was up by 0.75 per cent at Rs 2,152 per quintal and November contract by 0.88 per cent at Rs 2,132 per quintal. Future prices are slightly up as investors are booking profit on the recent fall, an analyst with Karvy Comtrade said.
Soyabean futures hit the lower level of three per cent on the NCDEX counter on Tuesday. A slight recovery in the global prices of soyabean and soya oil at Chicago Board of Trade is also affecting domestic market, he said.
In an electronic session, CBOT Soy Complex futures are trading slightly on positive note on account of short covering.
Otherwise, prices are expected to be bearish due to strong fundamentals like better sowing activity of oilseeds, experts said.
Stock position of soyabean at NCDEX stood at 103 tons as on August 4. Meanwhile, spot rates at Indore, Madhya Pradesh were ruling weak at Rs 2,558 per quintal.
October contract was up by 0.75 per cent at Rs 2,152 per quintal and November contract by 0.88 per cent at Rs 2,132 per quintal. Future prices are slightly up as investors are booking profit on the recent fall, an analyst with Karvy Comtrade said.
Soyabean futures hit the lower level of three per cent on the NCDEX counter on Tuesday. A slight recovery in the global prices of soyabean and soya oil at Chicago Board of Trade is also affecting domestic market, he said.
In an electronic session, CBOT Soy Complex futures are trading slightly on positive note on account of short covering.
Otherwise, prices are expected to be bearish due to strong fundamentals like better sowing activity of oilseeds, experts said.
Stock position of soyabean at NCDEX stood at 103 tons as on August 4. Meanwhile, spot rates at Indore, Madhya Pradesh were ruling weak at Rs 2,558 per quintal.
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