Kapaskhali rises on robust spot demand
by admin on Jun.12, 2008, under General News
(Reuters) – India’s cottonseed oilcake, or kapaskhali, futures rose on Thursday on support from spot demand in Gujarat and Rajasthan, analysts said.
“There is fresh demand in Gujarat and Rajasthan as there are reports that cotton sowing is delayed in these regions, and because of this, traders have been stocking up,” said Chowda Reddy, an analyst with Karvy Comtrade Ltd.
Kapaskhali, a byproduct of cottonseed, is used as cattlefeed and is largely consumed in the north western states of India.
Prices are, however, expected to come down soon due to the onset of the monsoon season, analysts said.
Prices fall in the monsoon due to the availability of cheaper green grass, preferred by farmers.
Buying is recommended above 470 rupees with a target of 474-476 rupees, said Vibhu Ratandhara, an analyst with Bonanza Commodities Pvt Ltd.
Following are the closing prices of kapaskhali futures in rupees per 50 kg on the NCDEX <0#NCD:>
Contract Reuters code Price Change in %