New Delhi, August 8 (Commoditiescontrol): Mentha oil prices continued their downward trend on Thursday, pressured by sluggish demand from export markets. The bearish sentiment dominated both physical and futures markets, contributing to a noticeable decline in prices.
In the physical markets, mentha oil prices fell by Rs 5 to trade between Rs 1015-1017 per kg in Chandausi. Similarly, in Barabanki, prices dropped by Rs 7, reaching Rs 970 per kg. Traders reported a slight increase in local buying interest at these lower levels, but export demand remained weak, failing to provide any significant support to prices.
In the futures market, the mentha oil contract for August delivery on the Multi Commodity Exchange (MCX) declined to Rs 985.80 per kg, with an open interest of 722 and a trading volume of 339 contracts. Meanwhile, the September delivery contract saw a more significant drop of Rs 12, settling at Rs 1000.1 per kg, with an open interest of 233 and a volume of 75 contracts.
The continued price decline highlights the ongoing challenges faced by the mentha oil market, particularly the subdued demand from international buyers, which remains a critical factor in influencing market trends.
Mentha Oil contract for AUG delivery settled at Rs 985.8/quintal showing an fall of Rs -7.7 over previous close of Rs 993.5/quintal,The contract moved in the range of Rs 978.1-994.8 for the day. Open interest decreased by -63 MT to 722 MT, while trading volume decreased by -322 to 339 MT.
Mentha Oil contract for SEP delivery settled at Rs 1000.1/quintal showing an fall of Rs -12 over previous close of Rs 1012.1/quintal,The contract moved in the range of Rs 985-1010 for the day. Open interest increased by 24 MT to 233 MT, while trading volume increased by 14 to 75 MT.
Mentha Oil contract for OCT delivery settled at Rs 1010/quintal showing an fall of Rs -27.4 over previous close of Rs 1037.4/quintal,The contract moved in the range of Rs 1009-1022 for the day. Open interest increased by 10 MT to 27 MT, while trading volume decreased by -1 to 12 MT.
Currently The spread between AUG and SEP contract is -14.3000000000001 Rs/quintal.
Currently The spread between SEP and OCT contract is -9.89999999999998 Rs/quintal.
Currently The spread between AUG and OCT contract is -24.2 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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