Cottonseed oilcake futures climb Rs 37

Amid restricted arrivals and low carry over stocks, cottonseed oilcake prices rose by Rs 37 to Rs 2,704 per quintal at the futures trading today, as speculators enlarged position.
Besides, tight inventories due to drought last year and rising demand from cattle-feed makers in spot markets, too influenced cottonseed oil prices.
At the National Commodity and Derivatives Exchange, cottonseed oilcake delivery for most-active August was trading higher by Rs 37, or 1.39 per cent, to Rs 2,704 per quintal, with an open interest of 66,160 lots.
Also, delivery in September spurted by Rs 35, or 1.28 per cent, to Rs 2,773 per quintal, clocking an open interest of 25,280 lots.

Marketmen said apart from thin supplies from growing regions, fall in production this year influenced cottonseed oilcake futures.