Cottonseed oilcake futures bounce on physical demand

Cottonseed oilcake prices were were higher by Rs 46 to Rs 2,058 per quintal in futures trading today after speculators created huge positions amid a firm trend at the physical markets.
Marketmen said fresh positions created by participants, driven by a firm trend at the spot markets mainly influenced cottonseed oilcake prices at futures trade.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in January traded sharply higher by Rs 46, or 2,29 per cent, to Rs 2,058 per quintal, with an open interest of 56,660 lots.
Cottonseed oilcake for delivery in February also edged up by Rs 47, or 2.30 per cent, to Rs 2,092 per quintal, with a business turnover of 44,200 open lots.