Cottonseed oilcake futures plunge on weak spot cues

Cottonseed oilcake prices dropped by Rs 40 to Rs 1,808 per quintal in futures trading today on cutting down of bets by speculators in line with weak physical markets.
Marketmen said offloading of holdings by speculators, tracking a subdued trend at the spot markets on supply pressure against slowing demand, mainly dragged down cottonseed oilcake prices in futures market.
At the National Commodity and Derivatives Exchange, cottonseed oilcake delivery for July dipped by Rs 40, or 2.16 per cent, to Rs 1,808 per quintal, with an open interest of 62,450 lots.
Cottonseed oilcake for most-active June slipped by Rs 33, or 1.84 per cent, to Rs 1,757 per quintal, in an open interest of 74,150 lots.