New Delhi, May 10 (CommoditiesControl): Mentha oil prices continued to show upward trend for the second consecutive session on Friday, driven by improved demand for natural produce over synthetic alternatives. Bullish sentiments prevailed in futures trading, buoyed by expectations of fresh demand from overseas markets in the upcoming months, coinciding with the onset of new crop arrivals.
Currently, most of the local industrial demand for mentha oil is fulfilled by synthetic products. However, with favorable crop conditions reported in major producing areas of Uttar Pradesh, harvesting is anticipated to commence in June.
In the market of Chandausi, mentha oil prices were quoted at Rs 1,014-1,016 per kg, while in Barabanki, prices stood at Rs 985 per kg. Spot prices experienced a rise of Rs 4-5 per kg today.
At the Multi Commodity Exchange (MCX), the future contract for delivery in May saw an increase of Rs 22.7, trading at Rs 963.9 per kg, with open interest recorded at 389 and volume at 182.
Similarly, the future contract for delivery in June witnessed a rise of Rs 24.8, trading at Rs 971 per kg on the MCX, with open interest at 328 and volume at 73.
Mentha Oil contract for MAY delivery settled at Rs 963.9/quintal showing an rise of Rs 22.7 over previous close of Rs 941.2/quintal,The contract moved in the range of Rs 935-966.7 for the day. Open interest increased by 31 MT to 389 MT, while trading volume increased by 97 to 182 MT.
Mentha Oil contract for JUNE delivery settled at Rs 971/quintal showing an rise of Rs 24.8 over previous close of Rs 946.2/quintal,The contract moved in the range of Rs 948-974 for the day. Open interest increased by 20 MT to 328 MT, while trading volume increased by 64 to 73 MT.
Mentha Oil contract for JUL delivery settled at Rs 972/quintal showing an rise of Rs 18.6 over previous close of Rs 953.4/quintal,The contract moved in the range of Rs 969.9-982.4 for the day. Open interest increased by 2 MT to 5 MT, while trading volume was simillar by 0 to 3 MT.
Currently The spread between MAY and JUNE contract is -7.10000000000002 Rs/quintal.
Currently The spread between JUNE and JUL contract is -1 Rs/quintal.
Currently The spread between MAY and JUL contract is -8.10000000000002 Rs/quintal
(By Commoditiescontrol Bureau: +91 9820130172)...
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