Cottonseed oil cake futures remain positive

The rising streak in cottonseed oil cake remained unabated, as prices rallied by Rs 13.50 to Rs 1,638.50 per quintal at futures trade today following elaboration of positions by traders, influenced by firm physical markets.

Market players said, speculators were interested in enlarging holdings, tracking firm physical market sentiments in anticipation of the hike in the minimum support prices (MSP) for kharif crops by the government.

The government has on Wednesday approved the hike in the minimum support price for paddy by a record Rs 200 per quintal.

At the National Commodity and Derivatives Exchange, cottonseed oil cake delivery for August moved up by Rs 13.50, or 0.83 per cent, to Rs 1,638.50 per quintal, with an open interest of 1,11,150 lots.

The delivery for July also gained by Rs 6.50, or 0.41 per cent, to Rs 1,601 per quintal, clocking an open interest of 57,550 lots.