Cottonseed oilcake strengthens on firm spot demand

Cottonseed oilcake futures traded higher by Rs 60 to Rs 2,266 per quintal today as participants raised their bets, triggered by a firm trend at the physical market on strong demand.
In addition, shrinking carry-over stocks too supported the upmove.
At the National Commodity and Derivative Exchange, cottonseed oilcake for delivery in January next year spurted by Rs 60 or 2.72 per cent to Rs 2,266 per quintal with an open interest of 1,550 lots.
On similar lines, cottonseed oilcake for delivery in August surged by Rs 40 or 1.50 per cent to Rs 2,707 per quintal, in an open interest of 68,800 lots, while delivery this month contract rose by Rs 31 or 1.15 per cent to Rs 2,720 per quintal, clocking an open interest of 18,050 lots.

Marketmen said besides a firm trend at the doemstic spot markets, restricted supplies from growing regions due to floods, mainly buoyed cottonseed oilcake prices.