After rising for two straight days, cottonseed oilcake prices drifted lower by Rs 11 to Rs 2,023 per quintal in futures trade today as participants locked-in gains at existing levels amid a weak trend at the physical markets.
Marketmen said apart from profit-booking by participants after recent gains, a weak trend at the spot markets due to increased supplies and muted demand, led to the fall in cottonseed oilcake prices.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in February declined by Rs 11, or 0.54 per cent, to Rs 2,023 per quintal, in an open interest of 37,320 lots.
Also, cottonseed oilcake for delivery in January eased by Rs 9, or 0.45 per cent, to Rs 1,992 per quintal, in a business turnover of 57,900 open lots.
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