New Delhi, Feb 21 (Commoditiescontrol): Mentha oil prices experienced a slight increase in both the spot market and futures on Wednesday, against a backdrop of subdued industrial demand. Reports indicate that the planting of the new mentha crop has commenced in key growing regions such as Barabanki, Rampur, Chandausi, and Sambhal in Uttar Pradesh.
Despite the initiation of new crop cultivation, market analysts suggest that the acreage for mentha may remain lower compared to the previous year. This is attributed to farmers facing challenges in obtaining remunerative prices, primarily due to a slowdown in demand from China, a major buyer of natural mentha oil from India. The prevailing economic conditions have resulted in reduced prices, impacting both local industry and exporters.
In the Chandausi market, mentha oil prices held firm at Rs 995 per kg, while in Barabanki, they were reported at Rs 972 per kg.
On the futures front, the benchmark contract of Mentha oil for February delivery traded Rs 2.1 higher at Rs 903.1 per kg on the Multi Commodity Exchange (MCX). The open interest stood at 520, with a trading volume of 114. Similarly, the March contract saw a Rs 1.5 increase, trading at Rs 915 per kg, with an open interest of 335 and a trading volume of 86.
Despite the marginal uptick, the overall sentiment remains cautious due to weak industrial demand and the anticipation of challenges in achieving last year's acreage levels.
Mentha Oil contract for FEB delivery settled at Rs 903.1/quintal showing an rise of Rs 2.1 over previous close of Rs 901/quintal,The contract moved in the range of Rs 899-904.9 for the day. Open interest decreased by -47 MT to 520 MT, while trading volume increased by 33 to 114 MT.
Mentha Oil contract for MAR delivery settled at Rs 915/quintal showing an rise of Rs 1.5 over previous close of Rs 913.5/quintal,The contract moved in the range of Rs 912.3-916.6 for the day. Open interest increased by 58 MT to 335 MT, while trading volume increased by 31 to 86 MT.
Mentha Oil contract for MAR delivery settled at Rs 915/quintal showing an rise of Rs 1.5 over previous close of Rs 913.5/quintal,The contract moved in the range of Rs 912.3-916.6 for the day. Open interest increased by 58 MT to 335 MT, while trading volume increased by 31 to 86 MT.
Currently The spread between FEB and MAR contract is -11.9 Rs/quintal.
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
Currently The spread between FEB and MAR contract is -11.9 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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