NCDEX cotton oilcake up tracking gains in spot market.

Futures contracts of cottonseed oilcake traded higher on the NCDEX today tracking gains in spot prices. The most-active August contract traded up 1% at 1,649 rupees per 100 kg on the NCDEX. Bargain buying after prices declined to a 20-month low in recent sessions also pushed prices higher. Cottonseed oilcake, a derivative of cotton, is used as animal feed. In the benchmark market of Akola, Maharashtra, the commodity traded at 1,650 rupees per 100 kg, up 10 rupees from previous close. The overall sentiment for the commodity, however, remained bearish due to sluggish demand and sufficient supply.