Cottonseed oilcake future plummets on selling pressure

Cottonseed oilcake prices tumbled by Rs 14 to Rs 1,112 per quintal in the futures trading today following selling by traders, driven by weak spot market sentiment.

Market analysts said heavy selling by traders in line with increased supply and reduced offtake in physical markets, led to the fall in futures prices.

At the National Commodity and Derivatives Exchange counter, cottonseed oilcake prices for delivery in April dropped by Rs 14 or 1.24 per cent, to Rs 1,112 per quintal, with an open interest of 1,080 lots.

Current January-month delivery contract slipped by Rs 12 or 1.15 per cent, to Rs 1,028 per quintal, with an open interest of 64,840 lots.

The near February-month contract declined by same margins of Rs 12 or 1.12 per cent, to Rs 1,060 per quintal, with an open interest of 58,520 lots.