Cottonseed oilcake futures extend losses

Cottonseed oilcake prices fell further by Rs 37 to Rs 1,647 per quintal in futures trading today as speculators narrowed down their bets, tracking a weak trend at the physical markets.
Marketmen said lightening of positions by operators in line with weak spot markets, where prices were down due to availability of other alternatives at an attractive levels, mainly led to the fall in cottonseed oilcake future prices.
At the National Commodity and Derivatives Exchange, cottonseed oilcake to be delivered in July eased by Rs 37, or 2.20 per cent, to Rs 1,647 per quintal, with an open interest of 75,420 lots.

Cottonseed oilcake for delivery in August also plummeted by Rs 32, or 2 per cent, to Rs 1,572 per quintal, with an open interest at 86,340 lots.