India's soy futures recover on positive global cues

Soy prices in India recover today (June 4) on accounts of positive overseas cues such as a firm Chinese demand.

Soy June contract opened at INR 1,990.50 (US$42.7) per 100 kilogrammes. The contract made a high at INR 2,007 (US$43.04). Volume recorded for the day is 12840 lots till 12.35 p.m. on Friday (June 4).

''Technically, soy is expected to move up in next couple of days, one can make buy position around 2000, and can expect above 2025 within a couple of days, strong support can be seen at 1980,'' said Sudarshan Goel, a commodity Analyst.

''Fundamentally, soy is strong on account of increase in demand by China, buying position recommended for long term,'' said Goel.