Cottonseed oilcake futures soften on weak trend in spot market

Amid a weak trend at the physical markets due to subdued demand, cottonseed oilcake prices fell by Rs 14 to Rs 2,143 per quintal in futures trading today as speculators timmed their positions.
In futures trading at the National Commodity and Derivative Exchange, cottonseed oilcake for delivery this month contract declined by Rs 14 or 0.65 per cent to Rs 2,143 per quintal in an open interest of 58,820 lots.
Also, cottonseed oilcake for delivery in April month eased by Rs 12 or 0.55 per cent to Rs 2,182 per quintal with a business turnover of 59,470 lots.
Marketmen said the fall in cottonseed oilcake futures was mostly attributed to offloading of position by participants, taking weak cues from the spot markets due to muted demand.

Besides, persistent arrivals from growing regions also weighed on prices, they said.