Kapaskhali futures touch highs on delayed arrivals

MUMBAI, Nov 4 (Reuters) - India's cottonseed oilcake, or kapaskhali, futures touched fresh highs on Wednesday on delayed arrival of cotton, but profit-taking at higher levels limited the gains, analysts said.

Cottonseed oil cake is a by-product of cotton and is derived during the crushing process.

Kapaskhali futures have been rising in the past few weeks due to delay in arrivals of cotton, hitting physical supply.

The peak arrival of the fibre crop is seen delayed by over three weeks and is likely to start from early December up to Jan. 15, the official said. See [ID:nBMB008651]

"Cotton prices are moving up on delay and exports... kapaskhali is tracking the risie in cotton prices," said a trader in Akola, Maharashtra, a trading hub.

The January futures contract NCDF0 ended 0.57 percent higher at 1,133 rupees per 100 kg, after retreating from fresh highs of 1,141.5 rupees it reached during intraday trade. (Reporting by Sourav Mishra; Editing by Sunil Nair)