Surge in Cottonseed Oil Cake Prices Amid Rising Demand
Cottonseed oil cake prices saw an uptick of Rs 10, reaching Rs 3,520 per quintal due to fresh positions by speculators and rising demand. This increase, noted in the futures trade on the National Commodity and Derivatives Exchange, was primarily fueled by heightened demand for cattle feed.
On Wednesday, futures trade witnessed a rise in cottonseed oil cake prices by Rs 10, bringing the cost to Rs 3,520 per quintal. This surge was observed as speculators established new positions amidst escalating demand.
The National Commodity and Derivatives Exchange reported a 0.28 percent increase for June delivery, alongside an open interest of 18,710 lots.
Market analysts attributed the hike primarily to the expansion of positions by participants responding to a growing need for cattle feed.
(With inputs from agencies.)
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