Cottonseed oilcake futures recover on short covering
Marketmen said apart from short-covering, a firm trend at the domestic spot markets on increased demand from cattle-feed makers against tight supplies mainly influenced cottonseed oilcake prices at futures trade.
After falling for two straight days, cottonseed oilcake prices resumed its winning run by recovering Rs 17 to Rs 2,003 per quintal in futures trade today as traders were seen accumulating positions at prevailing levels amid covering up of short positions.
Moreover, a firm trend at the physical markets supported the upside.
Marketmen said apart from short-covering, a firm trend at the domestic spot markets on increased demand from cattle-feed makers against tight supplies mainly influenced cottonseed oilcake prices at futures trade.
At the National Commodity and Derivatives Exchange, cottonseed oilcake for most-active delivery in May was trading higher by Rs 17, or 0.86 per cent, to Rs 2,003 per quintal, with an open interest of 1,33,530 lots.
Cottonseed oilcake for delivery in June also recovered by Rs 17, or 0.84 per cent, to Rs 2,048 per quintal, clocking an open interest of 36,600 lots.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)