Soybean, refined soy oil prices rise sharply on demand pickup

Soybean and refined soy prices saw sharp gains on Monday amid strong demand in the spot market.

NCDEX soybean futures for April delivery surged by Rs 161, or 2.62 per cent, to Rs 6,304 a quintal in 50,375 lots during the session.

The May contract climbed up by Rs 176, or 3.91 per cent, to Rs 6,216 per quintal in 1,02,745 lots.

Market sources said the buildup of fresh positions by speculators amid strong demand underpinned the prices in futures trade.

Refined soy futures followed suit. An increase in the order size from speculators pushed refined soya oil futures higher.

NCDEX refined soy oil futures for April delivery moved up by Rs 22.5, or 1.75 per cent, to Rs 1,307 per 10 kg in 33,220 lots.

The May contract of the commodity gained by Rs 21, or 1.65 per cent, to Rs 1,296 per 10 kg in 19,600 lots.

Market experts said the increase in order size by traders mainly propped up the rates in the futures market.

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