Cottonseed oilcake futures climb on spot demand

Cottonseed oilcake prices spurted by Rs 39 to Rs 1,971 per quintal in future trading today as speculators indulged in raising their bets, buoyed by a firm trend at the domestic spot markets.
In futures trading at the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in far-month December rose by Rs 39 or 2 per cent to Rs 1,971 per quintal with an open interest of 1,560 lots.
Similarly, most-active delivery in July contract was trading higher by Rs 37 or 1.55 per cent at Rs 2,422 per quintal, having an open interest of 49,610 lots.
Cottonseed oilcake for delivery this month also advanced by Rs 30 or 1.27 per cent to Rs 2,401 per quintal, in an business turnover of 42,980 open lots.

Marketmen attributed rise in cottonseed oilcake prices at futures trade to strong demand from cattle-feed makers at the domestic spot markets, supported of thin arrivals from growing regions in physical markets.