Crude oil prices & Cottonseed oil cake prices rose today, check what led the hike.
Crude oil prices on Wednesday climbed Rs 44 to Rs 6,570 per barrel in futures trade as participants widened their positions following a firm spot demand.
Read More: How complimentary benefits of credit cards can help you save money
On the Multi Commodity Exchange, crude oil for June delivery traded higher Rs 44 or 0.67 per cent at Rs 6,570 per barrel in 7,228 lots. Analysts said raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil rose 0.76 per cent to USD 78.49 per barrel, and Brent crude traded 0.56 per cent higher at USD 82.38 per barrel in New York.
Read More: Gold Rates Today: Check Top City Wise Gold Prices In India On 12th June, 2024
Cottonseed Oil Cake Prices Rise
Cottonseed oil cake prices on Wednesday rose Rs 10 to Rs 2,620 per quintal in futures trade as speculators created fresh positions amid a higher demand.
On the National Commodity and Derivatives Exchange, cottonseed oil cake for June delivery traded higher Rs 10 or 0.38 per cent at Rs 2,620 per quintal with an open interest of 19,070 lots.
Marketmen said the raising of positions by participants amid increasing demand for cattle feed mainly influenced cottonseed oil cake prices.
Read More: Petrol, Diesel Price Today: Check Latest Fuel Prices In Your City On June 12
CRISIL Report On Prices Of Raw Material
Prices of key raw materials, particularly those linked to crude oil, such as binders, solvents, and additives, as well as titanium dioxide, are expected to remain stable, which should help maintain gross margins in the 40-42 per cent range this fiscal year.
However, the operating profitability is likely to moderate to 15-17 per cent, driven by higher advertising and promotional expenses aimed at supporting retail network expansion and bolstering brand recognition amid rising competition.
(With inputs from PTI)
