Cottonseed oilcake futures recover on short covering

Cottonseed oilcake prices rebounded by Rs 33 to Rs 2,378 per quintal in future trading today following low levels buying by participants, guided by emerging physical markets.
Marketmen said revival of buying at prevailing levels by speculators, driven by firm spot markets sentiment, where prices remained in keen demand due to reports of less production and low carryover stocks, mainly buoyed trading sentiments here in future markets.
Apart from strong demand from animal feed industries too brought a spurt in prices, they added.
At the National Commodity and Derivative Exchange platform, cottonseed oilcake delivery for current August month contract regained by Rs 33, or 1.41 per cent to Rs 2,378 per quintal, with an open interest of 4,150 lots.

Meanwhile, most active second contract September month delivery recaptured by Rs 22, or 0.87 per cent to Rs 2,540 per quintal, having an open interest of 52,850 lots.