Cottonseed futures up on fresh buying support

Cottonseed oilcake futures prices strengthened by Rs 23 to Rs 1,279 per quintal today following fresh buying by traders.  

Market analysts said pick-up in demand and restricted supply in domestic markets, mainly influenced trading sentiments.  

Less supply of alternate oils such as mustard seed, maize and guar for use in cattle-feed also helped to pushed up cottonseed oilcake futures prices.

At the National Commodity and Derivatives Exchange, cottonseed oilcake for August contract rose by Rs 23 or 1.83%, to Rs 1,279 per quintal, with an open interest of 67,090 lots.

Prices for July's contract advanced by Rs 17, or 1.43%, to Rs 1,206 per quintal, with an open interest of 32,110 lots.