Cottonseed futures decline on weak spot cues

NEW DELHI: Cottonseed oilcake prices declined by Rs 12 to Rs 1,093 per quintal in futures trade today following heavy selling by traders in line with a weak spot markets sentiment.

Market analysts said rising inventories and slackness in demand at physical markets mainly drove selling here in future prices.

At the National Commodity and Derivatives Exchange, cottonseed oilcake prices for June delivery dropped by Rs 12, or 1.09 per cent, to Rs 1,093 per quintal, with an open interest of 70,220 lots.

Similarly, cottonseed prices for delivery in July went down by Rs 12, or 1.02 per cent, to Rs 1,159 per quintal, with an open interest of 69,300 lots.