Cottonseed Oil Cake Prices Spike Amid Rising Demand

Cottonseed oil cake prices surged by Rs 41 to reach Rs 2,918 per quintal in the futures market, driven by speculators creating new positions due to increased demand. The December contract noted a 1.41% rise with significant trading activity, indicating strong demand for cattle feed.

Cottonseed oil cake prices witnessed a substantial increase on Thursday, climbing by Rs 41 to settle at Rs 2,918 per quintal in futures trade. The surge in prices was attributed to speculators establishing fresh positions propelled by a growing demand.

According to data from the National Commodity and Derivatives Exchange, the December delivery contract recorded a rise of 1.41%, reflecting a higher trading price of Rs 2,918 per quintal with an open interest comprising 19,150 lots. This indicates a buoyant interest in the commodity among traders.

Market analysts indicated that the main catalyst for this price hike was the robust demand for cattle feed, which drove participants to increase their stakes in cottonseed oil cake. The upward trend highlights the commodity's increasing appeal in the agricultural sector.

(With inputs from agencies.)