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Upside Continues in Spot Mentha Oil on Processors' Demand, Futures Indicate Further Strength

23 Sep 2021 4:42 pm
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NEW DELHI, Sept 23 (Commoditiescontrol) - Mentha oil gained for the second consecutive day on Thursday, with prices further improved by Rs 10 per kg in the major mandis of western Uttar Pradesh, after remaining sluggish for last several days, due to the rise in demand at lower prices. According to traders, demand from processing units at lower prices amid weak arrivals in the mandis mainly supported the commodity. Mentha oil contracts are also showing an increase in futures trading, with a 1.5 per cent rise in the November contract indicates a rise in prices in the coming months.

According to trade sources, due to the fall in prices, the arrival of mentha oil in the mandis of major producing regions is decreasing continuously. While stockist are also not keen to sell at the current price. On the other hand, the demand for processing units has started rising after the last several days of decline as they feel that there will be no further decline in mentha oil. The units in the producing area manufacture mentha flakes and crystals from mentha oil which is used in consumer industries.

Gross rate of Mentha oil is increasing by Rs 5 to Rs 1040 in Rampur and Rs 7 to Rs 1032 per kg in Sambhal. Gross rate is increasing by Rs 10 to Rs 1060 in Barabanki and Rs 7 to Rs 1092 per kg in Chandausi. Net price of Mentha oil in Rampur (6 percent cut) was Rs 980, in Sambhal (5 percent cut) Rs 982, in Chandausi (10.5 percent cut) Rs 987 and in Barabanki (9 percent cut) Rs 970 per kg. In the last trading session, the gross rate of Mentha oil was Rs 1035 in Rampur, Rs 1025 in Sambhal, Rs 1085 in Chandausi and Rs 1060 per kg in Barabanki.

On the Multi Commodity Exchange (MCX), mentha oil contract for the October delivery was trading higher by Rs 4.20 at Rs Rs 938.20 per kg, after moving in the range of Rs 942.90 and Rs 931.50 per kg, having an open interest of 963 lots. November contract also traded firm by Rs 14.40 at Rs 956.90 per kg.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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