Cottonseed oilcake drops Rs 48 at futures trade

Cottonseed oilcake prices tumbled down by Rs 48 to Rs 2,014 per quintal in futures trading today after shortening of holdings by speculators, influenced by weak physical markets.
Market players said traders trimming their positions following the subdued trend in spot markets, mainly led to the fall in prices of cottonseed oilcake in futures trading.
Reports of timely arrivals of monsoon too kept the pressure on prices, they added.
At the National Commodity and Derivatives Exchange, cottonseed oilcake delivery for the farthest contract of September dropped by Rs 48, or 2.33 per cent, to Rs 2,014 per quintal, with an open interest of 970 lots.

Most traded first contract June also drifted lower by Rs 21, or 1.09 per cent, to Rs 1,899 per quintal, having an open interest of 1,01,360 lots.