Cottonseed oilcake futures up on stong spot demand

Cottonseed oilcake futures traded higher by Rs 28 to Rs 1,994 per quintal today after participants widened their positions, in sync with a firm trend at the physical markets.
At the National Commodity and Derivative Exchange, cottonseed oilcake for far-month February next year contracts spurted by Rs 28, or 1.42 per cent to Rs 1,994 per quintal, clocking an open interest of 3,040 lots.
Also, the most-active delivery in December contracts advanced by Rs 18, or 0.92 per cent to Rs 1,965 per quintal, persisting an open interest of 549,890 lots.
Prices of September month contract too marked higher by Rs 10, or 0.37 per cent to Rs 2,704 per quintal, with the business turnover of 44,120 open lots.

Marketmen attributed the in cottonseed oilcake prices at futures trade to raising of positions by participants, driven by roubust demand from animal feed at the physical markets amid tight availability of oilcake.