Cottonseed oilcake futures recover on short-covering

Cottonseed oil cake prices recovered by Rs 18 at Rs 2,076 per quintal in futures trading today after speculators covered-up their short positions at existing levels amid a firm trend at the spot markets.
Marketmen said the rebound in cottonseed oilcake prices was mostly attributed to clovering-up of pending short positions at current levels.
Besides, a firm trend at the physical markets on increased demand supported the upside in prices, they added.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for May rose by Rs 18, or 0.87 per cent, to Rs 2,076 per quintal, in an open interest of 24,200 lots.

Cottonseed oilcake for delivery this month was also trading higher by Rs 14, or 0.70 per cent, to Rs 2,026 per quintal, depicting an open interest of 1,39,660 lots.