Cottonseed oilcake recovers on short-covering

Cottonseed oilcake prices recovered by Rs 20 to Rs 2,218 per quintal in futures trading today after participants covered-up their short positions at prevailing levels amid a firm trend at the physical markets.
Marketmen said apart from covering-up of short positions by speculators, a firm trend at the physical markets on pick up in demand against tight supplies, influenced cottonseed oilcake prices at futures trade.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for delivery in February was trading higher by Rs 20, or 0.91 per cent, to Rs 2,218 per quintal, in an open interest of 3,230 lots.

In a similar fashion, delivery in March was higher by Rs 17, or 0.76 per cent, to Rs 2,253 per quintal, with a business turnover of 111,150 open lots.