Cottonseed oilcake futures climb, tracking spot market

Cottonseed oilcake prices spurted by Rs 26 to Rs 1,968 per quintal in futures trading today after speculators enlarged their positions, taking positive cues from the spot markets on firm demand.
Marketmen said expanding of positions by participants, driven by a firm trend at the physical markets on increased demand, mainly influenced cottonseed oil prices at futures trade here.
Besides, restricted supplies in the market too triggered buying by participants, they added.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in January shot up by Rs 26, or 1.34 per cent, to Rs 1,968 per quintal, with an open interest of 57,660 lots.

In a similar fashion, cottonseed oilcake for delivery this month gained by Rs 21, or 1.08 per cent, to Rs 1,967 per quintal, having an open interest of 17,260 lots.