New Delhi, May 28 (CommoditiesControl): The mentha oil market continued to witness a bearish trend for the second consecutive session on Tuesday ahead of the arrivals of the fresh crop. Prices of mentha oil dropped in both the physical market and the futures market.
Market analysts attribute the price pressure to the anticipation of new mentha produce reaching the market within the next two weeks. In Chandausi, mentha oil prices dropped to Rs 986-988 per kg. Similarly, in Barabanki, prices declined by Rs 6 to Rs 962 per kg.
The mentha oil future contract for delivery in May dropped sharply by Rs 8.3 to Rs 891 per kg at the Multi Commodity Exchange (MCX), with an open interest of 72 and a volume of 3. The future contract for delivery in June was down by Rs 18.6, settling at Rs 911.7 per kg at the MCX, with an open interest of 443 and a volume of 221.
Mentha Oil contract for MAY delivery settled at Rs 891/quintal showing an fall of Rs -8.3 over previous close of Rs 899.3/quintal,The contract moved in the range of Rs 886.1-891 for the day. Open interest decreased by -13 MT to 72 MT, while trading volume decreased by -94 to 3 MT.
Mentha Oil contract for JUNE delivery settled at Rs 911.7/quintal showing an fall of Rs -18.6 over previous close of Rs 930.3/quintal,The contract moved in the range of Rs 911.7-929.8 for the day. Open interest decreased by -54 MT to 443 MT, while trading volume increased by 34 to 221 MT.
Mentha Oil contract for JUL delivery settled at Rs 922/quintal showing an fall of Rs -19.8 over previous close of Rs 941.8/quintal,The contract moved in the range of Rs 922-936 for the day. Open interest increased by 3 MT to 23 MT, while trading volume decreased by -2 to 4 MT.
Currently The spread between MAY and JUNE contract is -20.7 Rs/quintal.
Currently The spread between JUNE and JUL contract is -10.3 Rs/quintal.
Currently The spread between MAY and JUL contract is -31 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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