Cottonseed futures up on poor stocks position

Cottonseed prices surged by Rs 17 to 1,226 per quintal in futures trading today on low inventories amid firm demand.

Marketmen said brisk buying by traders to raise their holdings on the back of firm spot market sentiment boosted the cottonseed prices.

Restricted supply in spot markets further boosted the trading sentiment here in futures prices, they added.

At the National Commodity and Derivatives Exchange, cottonseed price for March contract climbed by Rs 17, or 1.41 per cent, to Rs 1,226 per quintal, with an open interest of 79,000 lots.

February delivery also strengthened by Rs 14, or 1.19 per cent to Rs 1,194 per quintal, with an open interest of 71,290 lots.