New Delhi, May 17, 2024 (Commoditiescontrol): The bearish trend in mentha oil continued on Friday as market sentiments remained dampened by expectations of a higher yield. Anticipation of fresh crop arrivals next month, coupled with reports of favorable crop conditions, has raised hopes for increased production. Furthermore, subdued demand for natural mint products, overshadowed by the availability of synthetic alternatives, has contributed to the downward pressure on prices.
Both the physical market and futures prices of mentha oil witnessed declines. In Chandausi market, mentha oil prices fell by Rs 6 to Rs 1002-1004 per kilogram. Similarly, prices dropped by Rs 6 to Rs 972 per kilogram in the Barabanki market.
At the Multi Commodity Exchange (MCX), mentha oil futures contracts for delivery in May and June experienced downward movement. The May contract traded Rs 10.8 lower at Rs 926.3 per kilogram, with an open interest of 315 and a volume of 50. Meanwhile, the June contract traded Rs 14.9 down at Rs 936.3 per kilogram, with an open interest of 320 and a volume of 54.
Market analysts suggest that the prevailing bearish sentiment in mentha oil markets is driven by the anticipation of abundant supply in the upcoming months, as well as the relatively weak demand for natural mint products compared to synthetic alternatives.
Mentha Oil contract for MAY delivery settled at Rs 926.3/quintal showing an fall of Rs -10.8 over previous close of Rs 937.1/quintal,The contract moved in the range of Rs 922.5-934.7 for the day. Open interest decreased by -19 MT to 315 MT, while trading volume decreased by -64 to 50 MT.
Mentha Oil contract for JUNE delivery settled at Rs 936.3/quintal showing an fall of Rs -14.9 over previous close of Rs 951.2/quintal,The contract moved in the range of Rs 936.1-945 for the day. Open interest decreased by -31 MT to 320 MT, while trading volume decreased by -12 to 54 MT
Mentha Oil contract for JUL delivery settled at Rs 950/quintal showing an fall of Rs -14.3 over previous close of Rs 964.3/quintal,The contract moved in the range of Rs 950-951.1 for the day. Open interest increased by 1 MT to 12 MT, while trading volume was simillar by 0 to 2 MT.
Currently The spread between MAY and JUNE contract is -10 Rs/quintal.
Currently The spread between JUNE and JUL contract is -13.7 Rs/quintal.
Currently The spread between MAY and JUL contract is -23.7 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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