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  • Mid Session Commentary - Detailed News

Cottonseed Oilcake Soars To Fresh High As Break Above Rs 3000 Mark Extends
23-Jul-19   13:21 Hrs IST
Cotton seed oilcake futures soared to fresh highs today, extending their massive upmove as excellent buying stayed in place. According to a latest update from Cotton Association of India, domestic cotton production is estimated at 315 lakh bales in its latest forecast for the 2018-19 season running from October to September. In the last cotton season, total output stood at 365 lakh bales. This shortfall has been pushing up the prices over last few weeks. The NCDEX Cottonseed oilcake futures hit an all-time high of Rs 3039 per quintal today and currently trade at Rs 3013 per quintal, up 1.10% on the day. The break above Rs 3000 is likely to firm up the sentiments even more. The counter traded around Rs 2700 levels at the start of the month and has rallied impressively on buoyant buying support.

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