Cocud (cotton seed oil cake) futures gained to a new high of Rs 1,511 per quintal on the National Commodity and Derivatives Exchange Ltd (NCDEX).

The two per cent jump in prices on Thursday was largely due to firm demand in the spot market and bullish trend in cotton market.

Stockists are on a buying spree in the spot market on expectations of a sharp jump in prices from next month. Spot prices are quoted at about Rs 1,500 a quintal at Akola in Maharashtra.

Cotton acreage till the first week of July was up 3.78 per cent at 46.61 lakh hectares.  However, delayed monsoon in major cotton growing states such as Maharashtra, Gujarat and Andhra Pradesh may result in lower output this year.

(This article was published on July 13, 2012)
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