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Mentha Oil Prices Extend Gains for Third Consecutive Session

22 Feb 2024 7:07 pm
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New Delhi, Feb 22 (Commoditiescontrol): Mentha oil prices continued to rise in both the physical market and futures for a third consecutive session on Thursday. Reports indicate that plantation of the new crop has already commenced in major growing regions of mentha, including Barabanki, Rampur, Chandausi, and Sambhal in Uttar Pradesh.

However, market analysts suggest that mentha crop acreage may remain lower compared to the previous year as farmers have struggled to obtain remunerative prices due to a recession in China, a major buyer of natural mentha oil from India. Prices have been impacted by slow demand from both the local industry and exporters.

Mentha oil prices were firm at Rs 998-1000 per kg in the Chandausi market, while prices in Barabanki stood at Rs 975 per kg.

On the Multi Commodity Exchange (MCX), the benchmark contract of Mentha oil for delivery in February was trading Rs 3 higher at Rs 906.4 per kg, with open interest of 520 and volume of 222. The benchmark contract for delivery in March was trading Rs 1.9 up at Rs 917 per kg, with open interest of 335 and volume of 197.


Mentha Oil contract for FEB delivery settled at Rs 906.4/quintal showing an rise of Rs 3 over previous close of Rs 903.4/quintal,The contract moved in the range of Rs 903.4-908.9 for the day. Open interest decreased by -47 MT to 520 MT, while trading volume increased by 108 to 222 MT.

Mentha Oil contract for MAR delivery settled at Rs 917/quintal showing an rise of Rs 1.9 over previous close of Rs 915.1/quintal,The contract moved in the range of Rs 916-920 for the day. Open interest increased by 58 MT to 335 MT, while trading volume increased by 111 to 197 MT.

Mentha Oil contract for MAR delivery settled at Rs 917/quintal showing an rise of Rs 1.9 over previous close of Rs 915.1/quintal,The contract moved in the range of Rs 916-920 for the day. Open interest increased by 58 MT to 335 MT, while trading volume increased by 111 to 197 MT.
Currently The spread between FEB and MAR contract is -10.6 Rs/quintal.

Currently The spread between MAR and MAR contract is 0 Rs/quintal.

Currently The spread between FEB and MAR contract is -10.6 Rs/quintal.


       
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