Cottonseed oilcake futures remain down on weak cues

Cottonseed oil cake prices plunged for the second day today by Rs 44 to Rs 1,452 per quintal in futures trade today as participants engaged in cutting down their bets, tracking a weak trend at the physical markets.
Marketmen said the fall in cottonseed oilcake prices in futures trade was mostly due to trimming of positions by participants in tandem with a weak trend at the physical markets on constant supplies from growing belts against withdrawal of buying support at current levels.
At the National Commodity and Derivative Exchange, cottonseed oilcake to be delivered in current month contracts dipped by Rs 44 or 2.94 per cent to Rs 1,452 per quintal, with an open interest of 250 lots.

Alsom, the most-active, delivery in September contracts also faltered by Rs 19 or 1.23 per cent to Rs 1,481 per quintal, in an open interest of 91,350 lots.