Cottonseed oilcake remains firm in futures trade

Cottonseed oilcake prices rose further by Rs 16 to Rs 2,121 per quintal in futures trade today as traders enlarged their holdings in tandem with a firming trend at the physical markets.
Marketmen said the persistent rise in cottonseed oilcake prices in futures trade was mostly supported by speculative positions built up by participants amid a firm trend at the domestic spot markets on robust demand from cattle-feed makers.
Besides, thin supplies from growing belts influenced cottonseed oilcake prices, they added.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for June swifted further by Rs 16, or 0.76 per cent, to Rs 2,121 per quintal, depicting an open interest of 29,400 lots.

Also, the most-traded delivery in May hardened by Rs 11 or 0.54 per cent to Rs 2,066 per quintal, clocking an open interest of 1,34,680 lots.