NEW DELHI, Jan 25 (Commoditiescontrol) - Mentha oil prices declined in the mandis of western Uttar Pradesh on Tuesday due to weak demand. The fall of one-and-a-half percent in mentha oil futures also put pressure on spot prices. In western Uttar Pradesh, mentha oil traded lower by Rs 10 in Rampur, Sambhal and Chandausi mandis. According to traders, business activities remained weak due to severe cold wave conditions along with fog and rains. Mentha oil contracts on the MCX remained soft.
According to trade sources, weather is also contributing to the slowdown in mentha oil. Due to the biting winter, the trade has come to a standstill. Mentha oil starts to freeze during the winter season. This creates problems for the consuming industries. Hence, processors are reducing purchases of mentha oil.
The gross rate of Mentha oil was sold at Rs 1075 per kg in Rampur and Rs 1065 in Sambhal by Rs 7 per kg. The gross rate was recorded at Rs 1125 per kg in Chandausi with a softening of Rs 7. In Barabanki, the price remained at a loss of Rs 10 at Rs 1090 per kg. The net price of Mentha oil in Rampur (6 percent reduction) was Rs 1015, in Sambhal (5 percent reduction) Rs 1015, in Chandausi (11 percent reduction) Rs 1015 and in Barabanki (9 percent reduction) Rs 1000 per kg.
On the Multi Commodity Exchange (MCX), mentha oil contract for February delivery moved lower by Rs 8.50 at Rs 975 per kg, after moving in the range of Rs 961.60 and Rs 952.20 per kg, having an open interest of 1,090 lots. January contract also edged lower by Rs 7.10 to Rs 961.50 per quintal.
(By Commoditiescontrol Bureau: +91-22-40015505)
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