India's soybean futures rose on Friday, snapping a two-session losing streak, with the price moving towards the minimum purchase price of the commodity.
India raised the minimum purchase price for soybeans earlier this month to 3,050 Indian rupees ($47.27) per 100 kg from 2,775 rupees amid ongoing protests in the country's biggest farming states. soybean futures NSBN7 closed 0.7 percent higher at 2,826 rupees on the National Commodities and Derivatives Exchange.
Indian July soyoil futures NSON7 were largely flat at 625.50 rupees as of 1318 GMT. The July rapeseed contract NRSN7 closed 0.1 percent lower at 3,498 rupees per 100 kg. ($1 = 64.5200 Indian rupees)
Gold prices are expected to trade higher today: Angel Commodities
We expect gold prices to trade higher today as latest comments by Philadelphia Fed President Patrick Harker advocated a “pause” on rate increases, while the central bank starts to pare its balance sheet. Also, current slide in oil prices is hurting global risk appetite. On the MCX, gold prices are expected to trade higher today, international markets are trading higher by 0.5 percent at $1252 per ounce.
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