Cottonseed oil cake futures soften on profit booking

Cottonseed oil cake prices turned weak by Rs 51 to Rs 4,422 per quintal in futures trading today as speculators were engaged in profit booking at existing levels, pressured by downbeat physical sentiment.
Marketmen said besides profit selling by traders at higher levels, increased supplies and slackness in demand for animal feed makers at spot markets weighed on cottonseed oil cake futures prices.
At the National Commodity and Derivative Exchange counter, cottonseed oil cake delivery for the February month contract plunged by Rs 51 or 1.14 per cent to Rs 4,422 per quintal, depicting an open interest of 15,300 lots.

Likewise, the delivery for the most active January month contract slumped by Rs 39 or 0.88 percent to Rs 4,372 per quintal, with the business turnover of 67,620 lots.