Cottonseed oil cake prices bounced back by Rs 13.50 to Rs 1,777 per quintal in futures trade today as investors accumulated fresh positions at lower levels amid a firm trend at the physical markets.
Marketmen said building up fresh positions by the speculators after yesterday's sell-off in tandem with a firm trend at the spot markets due to tight stocks against rising demand from cattle-feed makers led to recovery in cottonseed oil cake futures prices.
At the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in September contracts advanced by Rs 13.50 or 0.77 per cent to Rs 1,777 per quintal in an open interest of 53,650 lots.
Also, the most-traded delivery in August contract moved up by Rs 11 or 0.63 per cent to Rs 1,761.50 per quintal having the business turnover of 99,940 lots.
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