Cottonseed oil cake declines further on muted cues

Muted conditions remained unabated for cottonseed oil cake as prices fell by Rs 13 to Rs 1,259 per quintal at futures trade today on continuous liquidating of holdings by the speculators.

Market players said pursuing lower physical markets cues, traders preferred to narrow holdings steadily, which kept the cottonseed oil cake futures prices negative for the second straight session.

In spot markets, ample stocks on sustained arrivals along with the scarcity of demand from animal feed makers held prices down.

At the National Commodity and Derivatives Exchange platform, cottonseed oil cake delivery for July went down by Rs 13 or 1.02 per cent to Rs 1,259 per quintal, in an open interest of 68,370 lots.

In a similar way, the cottonseed oil cake delivery for June eased by Rs 5.50 or 0.44 per cent to Rs 1,244 per quintal, with the business turnover in 1,70,570 open lots.