Cottonseed oilcake futures slip on weak spot market

Cottonseed oilcake prices were down by Rs 13 to Rs 1,939 per quintal in futures trading today after traders reduced their positions, triggered by a weak trend at the spot markets due to low demand.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in most-active December fell by Rs 13, or 0.67 per cent, to Rs 1,939 per quintal, showing an open interest of 64,490 lots.
In a similar fashion, delivery in January faded by Rs 12, or 0.62 per cent, to Rs 1,930 per quintal, depicting an open interest of 41,610 lots.
Marketmen said the fall in cottonseed oilcake was mostly due to cutting down of positions by participants, tracking a weak trend at the spot markets due to low demand from animal feed makers amid persistent arrivals from growing regions, weighed on cottonseed oilcake prices in futures trade.