Kapaskhali futures touch highs on delayed arrival

MUMBAI, Oct 30 (Reuters) - India's cottonseed oilcake, or kapaskhali, futures touched fresh highs on Friday on delayed arrival of cotton, but profit-taking at higher levels limited the gains, analysts said.

Cottonseed oil cake is a byproduct 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]

"Peak arrival of cotton is delayed and this should push prices to 1,200 rupees levels by December," said Ambikanandan, a trader of the commodity in Akola, Maharashtra, a hub for the trade.

The January futures contract NCDF0 ended 0.27 percent higher at 1,085 rupees per 100 kg, after retreating from fresh highs of 1,093 it reached during intraday trade. (Reporting by Sourav Mishra; Editing by Harish Nambiar)