Cottonseed oil cake futures recover on short-covering

Cottonseed oil cake prices rebounded by Rs 17 to Rs 1,500 per quintal in futures trade today after speculators built up positions at existing levels supported by rebound in demand at the physical markets.

Marketmen said emergence of demand in the spot markets amid covering-up short positions mainly led to the recovery in cottonseed oilcake prices in futures trade here.

At the National Commodity and Derivatives Exchange, cottonseed oil cake for delivery in August improved by Rs 17, or 1.12 per cent, to Rs 1,500 per quintal, with the business turnover of 97,080 open lots.

The delivery for September also gained by Rs 10, or 0.65 per cent, to Rs 1,517 per quintal, in an open interest of 33,060 lots.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)