Cottonseed oilcake prices shot up by Rs 28 to Rs 2284 per quintal in futures trade today as participants created fresh positions, driven by strong demand from cattle-feed makers against thin arrivals from growing regions.
At the National Commodity and Derivative Exchange, cottonseed oilcake for delivery in May month contracts spurted by Rs 28, or 1.24 per cent to Rs 2,284 per quintal, with an open interest of 35,640 lots.
On similar lines, delivery in April month contracts also rose by Rs 22, or 0.99 per cent to Rs 2,241 per quintal, with business turnover of 68,900 lots.
Marketmen said fresh positions built up by speculators amid a firm trend at the spot markets on risng demand against tight supplies form growing regions, mainly supported the upside in cottonseed oil cake prices at futures trade.
