MUMBAI (Commodities control) – Spot Cotton oil cake market exhibited a subdued tone in the week ending April 29, due to poor demand from cattle feed manufacturers. Cotton oil cake price declined by Rs 70 at Rs 2,030/100kg in benchmark Kadi market.
The trade activity improved over last week, as most of the stockiest were in selling mode. Early in the week, sellers wanted to capitalise on the demand and offered higher prices. However, after seeing the buyer’s reluctance, they dropped the Ask price to lock in few trades.
Stockists are still holding a huge quantity of higher priced stock which they acquired in the months of September to December and were unable to sell when the market priced dropped in January to March.
Cattle feed manufactures have been buying cotton oil cake on hand to mouth basis, along with Ginners who are also liquidating their inventory of Cottonseeds, on lower price forecast in the coming months.
Cottonseed oil cake futures prices during the week on NCDEX declined by nearly 7 percent from Rs 2052/100kg on selling pressure and traded at fresh three month low of Rs 1906/100 kg on 28 April 2017.
Price of Cottonseed in Kadi are trading in the range of Rs 2,075-2,125/100 kg down by Rs 175 in the previous week.
In the coming week, cotton cake price is likely to trade weak on account of low demand from feed manufacturer coupled with higher supplies.
(By Commoditiescontrol Bureau; +91-22- 40015516)
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