Cottonseed futures gain on low inventories

Cottonseed futures prices surged by Rs 13 to 1,067 per quintal today on heavy buying by traders.

Market analysts said traders enlarging their positions against low inventories mainly pushed up the prices in futures.

Pick up in demand and restricted supply in spot markets further fuelled the uptrend in futures, they added.  

At the National Commodity and Derivatives Exchange, Cottonseed prices for delivery in current month January hardened by Rs 13, or 1.23 per cent, to Rs 1,067 per quintal, with an open interest of 34,340 lots.

Prices for delivery in February also marked ahead by Rs 11, or 1.01 per cent, to Rs 1,095 per quintal, with an open interest of 84,920 lots.