New Delhi, March 28 (Commoditiescontrol): Mentha oil prices witnessed a decline in the physical market on Thursday, while futures continued to trade firm.
According to trade sources, the area under mentha crop is anticipated to remain lower than last year, as farmers were dissuaded by non-remunerative prices in the previous session. Moreover, current stocks of mentha oil are reported to be negligible, coupled with weak demand from the local industry.
In Chandausi market, mentha oil prices declined by Rs 2, settling in the range of Rs 1026-1028 per kg. Similarly, prices in the Barabanki market were slightly down at Rs 993 per kg.
However, the benchmark contract of Mentha oil for delivery in April was trading Rs 2.4 higher at Rs 928.40 per kg at the Multi Commodity Exchange (MCX), with an open interest of 556 and a trading volume of 133.
Despite the decline in spot prices, the firmness observed in futures trading suggests sustained bullish sentiment among traders. The discrepancy between spot and futures prices may reflect market trends such as speculative trading or anticipation of future demand trends.
Mentha Oil contract for MAR delivery settled at Rs 912.2/quintal showing an fall of Rs -12.1 over previous close of Rs 924.3/quintal,The contract moved in the range of Rs 912.2-925 for the day. Open interest decreased by -2 MT to 13 MT, while trading volume decreased by -2 to 2 MT.
Mentha Oil contract for APR delivery settled at Rs 928.4/quintal showing an fall of Rs -7.4 over previous close of Rs 935.8/quintal,The contract moved in the range of Rs 923.1-936 for the day. Open interest decreased by -14 MT to 556 MT, while trading volume increased by 41 to 133 MT.
Mentha Oil contract for MAY delivery settled at Rs 928.4/quintal showing an fall of Rs -7.4 over previous close of Rs 935.8/quintal,The contract moved in the range of Rs 923.1-936 for the day. Open interest decreased by -14 MT to 556 MT, while trading volume increased by 41 to 133 MT.
Currently The spread between MAR and APR contract is -16.1999999999999 Rs/quintal.
Currently The spread between APR and MAY contract is 0 Rs/quintal.
Currently The spread between MAR and MAY contract is -16.1999999999999 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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