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Mentha Oil Prices Rally on Firm Demand

6 Dec 2023 6:00 pm
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New Delhi, Dec 06 (Commoditiescontrol): The upward surge in mentha oil prices continued for a third consecutive session on Wednesday in the spot market, mirroring strong indications from the futures market. Traders reported that the rally in mentha oil prices was driven by increased demand from both exporters and local buyers, with sellers showing a reluctance to liquidate their stocks at lower rates.

In Chandausi market, mentha oil prices witnessed a robust climb, reaching Rs 1015-1017 per kg, marking an increase of Rs 11. Similarly, in the Barabanki market, prices of mentha oil recorded a gain of Rs 5, settling at Rs 980 per kg.

At the MCX, mentha oil futures for delivery in December were trading at Rs 941 per kg, registering a notable increase of Rs 11.70. The open interest stood at 1149, with a trading volume of 231 units.

Looking ahead to January 2024, the mentha oil contract for delivery exhibited a surge, rising by Rs 13.70 to reach Rs 955.3 per kg. The open interest for January contracts was reported at 163, with a trading volume of 86 units.

Traders and market analysts keeping an eye on the mentha oil market, emphasizing the key role played by both domestic and international demand factors. The sustained rally reflects a current market sentiment where sellers are holding onto their stocks, anticipating further positive movements in prices.

Mentha Oil contract for DEC delivery settled at Rs 941/quintal showing an rise of Rs 11.7 over previous close of Rs 929.3/quintal,The contract moved in the range of Rs 931-942 for the day. Open interest decreased by -29 MT to 1179 MT, while trading volume increased by 111 to 231 MT.

Mentha Oil contract for JAN delivery settled at Rs 955.3/quintal showing an rise of Rs 13.7 over previous close of Rs 941.6/quintal,The contract moved in the range of Rs 945.6-955.9 for the day. Open interest increased by 30 MT to 163 MT, while trading volume increased by 51 to 86 MT.

Mentha Oil contract for FEB delivery settled at Rs 963.1/quintal showing an rise of Rs 8.3 over previous close of Rs 954.8/quintal,The contract moved in the range of Rs 961.9-969.9 for the day. Open interest increased by 6 MT to 9 MT, while trading volume increased by 8 to 11 MT.

Currently The spread between DEC and JAN contract is -14.3 Rs/quintal.

Currently The spread between JAN and FEB contract is -7.80000000000007 Rs/quintal.

Currently The spread between DEC and FEB contract is -22.1 Rs/quintal.



(By Commoditiescontrol Bureau: +91 9820130172)

       
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