Cottonseed oilcake futures surge Rs 41/a qtl on spot demand

Buoyed by strong demand at the physical markets, cottonseed oilcake prices spurted by another Rs 41 to Rs 2,153 per quintal in futures trade today as participants indulged in widening their positions.
Marketmen said strengthening of positions by participants, driven by a firm trend at the spot markets on strong demand against thin supplies, led to rise in cottonseed oilcake futures prices.
At the National Commodity and Derivative Exchange, cottonseed oilcake for delivery this month shot up by Rs 41 or 1.94 per cent to Rs 2,153 per quintal, with an open interest of 25,020 lots.
In a similar manner, the most-active delivery in February month delivery flared up by Rs 38 or 1.77 per cent to Rs 2,182 per quintal, clocking an open interest of 83,990 lots.