Cottonseed oil cake futures drop on subdued spot cues

Cottonseed oil cake prices dropped by 0.77 per cent to Rs 1,481 per quintal in futures trade today as traders preferred to cut down holdings on weak spot demand.
Weak cues at the physical markets, where prices remained lower due to mounting stocks amid tepid demand from animal feed makers, influenced futures trading, market players said.
At the National Commodity and Derivatives Exchange, cottonseed oil cake delivery for the most traded second contract April month slipped further by Rs 11.50 or 0.77 per cent to Rs 1,481 per quintal, with open interest of 1,09,1430 lots.
Similarly, the delivery of the first contract March month edged down by Rs 7.50 or 0.51 per cent to Rs 1,451 per quintal, in an open interest of 78,930 lots.