Cottonseed futures fall on profit booking

Cottonseed futures prices met with resistance and dropped by Rs 20 to Rs 1,380 per quintal today, following profit booking by traders.

Market analysts said traders preferred to book profits on every rise which pulled down future prices of cottonseed.

Lower spot markets sentiments also put pressure on the future prices, they added.

At the National Commodity and Derivatives Exchange, cottonseed oilcake prices for June contract fell by Rs 20, or 1.43 per cent, to Rs 1,380 per quintal, clocking an open interest of 3,750 lots.

Current February month contract fell by Rs 8, or 0.63 per cent, to Rs 1,260 per quintal, with an open interest of 26,030 lots, while most active March contract slipped by Rs 6, or 0.46 per cent, to Rs 1,292 per 100 kg, with a trade volume of 1,03,710 lots.