New Delhi, May 16
Cottonseed oil cake prices rose significantly on Friday, gaining ₹34 to close at ₹3,012 per quintal in the futures market. The uptrend was driven by increased buying activity from speculators amid robust demand for cattle feed.
Futures Market Movement
On the National Commodity and Derivatives Exchange (NCDEX), the cottonseed oil cake contract for June delivery surged by 1.13%, or ₹34, settling at ₹3,012 per quintal. The contract recorded a significant open interest of 90,860 lots, reflecting heightened participation from traders and market players.Key Drivers Behind the Price Rally
Market analysts attributed the price hike to renewed buying interest, spurred by strong demand in the spot market, especially from the livestock and dairy sectors. Participants' widening of positions anticipating further price appreciation also played a crucial role in driving the momentum.The surge underscores the commodity's increasing relevance in the animal feed industry, where cottonseed oil cake is a vital protein-rich input.
