Cottonseed oilcake futures surge on spot demand

Cottonseed oilcake prices bounced by Rs 24 to Rs 2,222 per quintal in futures trading today as traders were accumulating bets in line with higher physical markets sentiment.
Marketmen said strong demand in spot markets for cattle-feed makers amid restricted arrivals from growing regions mainly led to the rise in futures trading.
At the National Commodity and Derivatives Exchange, cottonseed oilcake delivery for February hardened by Rs 24, or 1.09 per cent, to Rs 2,222 per quintal, revealing an open interest of 95,820 lots.
Meanwhile, January delivery lifted higher by Rs 22, or 1.02 per cent, to Rs 2,189 per quintal, depicting an open interest of 10,790 lots.

All active four contracts were trading over one per cent on increased buying activities by participants.