Cottonseed sheds more than 2% on profit-booking

Cottonseed futures prices today declined by Rs 29 to Rs 1,206 per quintal, owing to profit- booking by traders at prevailing higher levels.

Marketmen said increased supply against reduced offtake by stockist in physical markets put weight on traders to reduce their holdings, which led to the fall in cottonseed futures prices.

At the National Commodity and Derivatives Exchange counter, cottonseed prices for June contract dropped by Rs 29, or 2.35%, to Rs 1,206 per quintal, clocking an open interest of 1,99,180 lots.

The July contract shed Rs 26, or 2.03%, to Rs 1,254 per quintal, showing an open interest of 89,530 lots.