Cottonseed Oil Cake Gains Rs 6 in March Contract on NCDEX
New Delhi, February 17: Cottonseed oil cake prices edged higher in futures trade on Tuesday, supported by fresh buying from market participants amid firm demand in the cattle feed segment.On the National Commodity and Derivatives Exchange, the March delivery contract of cottonseed oil cake rose by Rs 6, or 0.19 percent, to trade at Rs 3,215 per quintal. The contract had settled at Rs 3,209 per quintal in the previous session.
Open interest for the March contract stood at 55,850 lots, indicating active participation in the market.
Fresh Positions and Strong Demand Support Prices
Traders said the uptick in prices was largely driven by speculators creating fresh positions. The rise in demand for cattle feed played a key role in influencing sentiment in the cottonseed oil cake futures segment.The widening of positions in the derivatives market, along with steady demand fundamentals, contributed to the modest gain recorded during the trading session.
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