Cottonseed oil cake future freezes on upper limit

Cottonseed oil cake prices hit daily upper limit of four per cent or Rs 65 to Rs 1,697 per quintal in future trading today on the expansion of holdings by speculators in line with firm physical markets.
Marketmen said traders were building up their long positions in the wake of low carryover stocks, driven by immense buying by cattle-feed makers and thin supplies from growing regions in spot markets, which described upsurge in prices here in future trading.
At the National Commodity and Derivative Exchange counter, cottonseed oil cake delivery for the first contract June month climbed up to set daily upper circuit of four per cent or Rs 65 to Rs 1,697 per quintal, with an open interest of 910 lots.

Most traded second contract July month delivery also shot up by Rs 51 or 2.96 per cent to Rs 1,773 pere quintal, in an open interest of 1,00,730 lots.