NCDEX cotton oilcake up on short covering; spot unch

Futures contracts of cottonseed oilcake on the NCDEX up as investors covered their short positions after the March contract hit three-month low. Open interest in March contract fell to 144,600 tn from 145,840 tn indicated short covering. Gains in prices are likely to be capped at 1,575 rupees due to subdued demand for the commodity. Demand for the new crop’s oilcake is low as old stock is selling at much lower rates of 800 rupees per 60 kg.