February and March Contracts Decline as Traders Cut Positions
New Delhi, February 16: Cottonseed oil cake prices declined in futures trading on Monday, reflecting reduced participation and weak cues from the physical market.On the National Commodity and Derivatives Exchange, the February contract of cottonseed oil cake fell by Rs 32, or 0.99 per cent, to settle at Rs 3,186 per quintal. The contract recorded an open interest of 8,640 lots. In the previous session on Friday, it had closed at Rs 3,218 per quintal.
The downward movement was mirrored in the March contract, which slipped by Rs 27, or 0.83 per cent, to Rs 3,220 per quintal. The contract saw trading activity across 54,980 lots. It had settled at Rs 3,247 per quintal in the earlier session.
Subdued Market Sentiment Weighs on Prices
Market participants trimmed their positions at prevailing price levels, tracking subdued trends in the spot market. The sell-off at existing levels exerted pressure on futures prices, leading to declines across near-term contracts.The overall tone in the cottonseed oil cake segment remained cautious, with futures reflecting the softness seen in the physical market.
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