Cottonseed oil cake futures rise on strong spot demand

Cottonseed oil cake prices strengthened by Rs 23 to Rs 1.469 per quintal in the futures trade as traders preferred to built up fresh positions, taking positive cues from spot markets.
Marketmen said fresh positions created by participants in sync with a firm trend at the physical markets on tight arrivals against increased offtake by consuming industries, led to the rise in cottonseed oilcake prices at futures trade.
At the National Commodity and Derivative Exchange, cottonseed oil cake to be delivered in September contracts gained Rs 23 or 1.59 per cent to Rs 1,469 per quintal, with the business turnover of 53,510 open lots.

The most-traded delivery in August contracts also rose by Rs 14 or 0.98 per cent to Rs 1,439 per quintal, open interest stood at 85,450 lots.