Cottonseed oilcake futures rise on short-covering

Cottonseed oilcake prices were higher by Rs 17 to Rs 1,411 per quintal in futures trade today as participants covered up their short positions amid a firm trend at the spot markets.
Market players said the rise in cottonseed oilcake prices in futures trade was mostly supported by covering up of short positions by participants, tracking a firm trend at the spot markets on strong demand against pause in supplies.
At the National Commodity and Derivatives Exchange, cottonseed oilcake delivery for August was trading higher by Rs 17, or 1.22 per cent, to Rs 1,411 per quintal, with an open interest of 88,720 lots.

The delivery for September too recovered by Rs 4, or 0.28 per cent, to Rs 1,426 per quintal, having an open interest of 48,040 lots.