New Delhi, 29 January (Commoditiescontrol): Mentha oil prices remained nearly unchanged in both the spot and futures markets on Monday, as lackluster buying sentiments prevailed. The spot market saw subdued activity, influencing the futures market to maintain a relatively flat trajectory.
As the sowing season for mentha crops is on the horizon in major producing regions of Uttar Pradesh, farmers appear hesitant to increase acreage due to concerns over the prevailing low prices of their produce. In the Chandausi market, Mentha oil prices held steady at Rs 1013-1015 per kg, while prices in the Barabanki market were quoted flat at Rs 980 per kg.
The Mentha oil contract for delivery in January witnessed a marginal increase of Rs 0.80, reaching Rs 915 per kg at the Multi Commodity Exchange (MCX). The contract reported an open interest of 160 and a volume of 21.
On the other hand, the Mentha oil contract for delivery in February experienced a slight dip, decreasing by Rs 1.2 to settle at Rs 925 per kg on the MCX. This contract recorded an open interest of 822 and a trading volume of 61.
While sowing activities for the mentha crop are gearing up, the prevailing disinterest among farmers, driven by concerns about inadequate prices, has contributed to the overall stagnation in the mentha oil market.
Mentha Oil contract for JAN delivery settled at Rs 915/quintal showing an rise of Rs 0.8 over previous close of Rs 914.2/quintal,The contract moved in the range of Rs 915-918 for the day. Open interest decreased by -21 MT to 160 MT, while trading volume decreased by -32 to 21 MT.
Mentha Oil contract for FEB delivery settled at Rs 925/quintal showing an fall of Rs -1.2 over previous close of Rs 926.2/quintal,The contract moved in the range of Rs 925-931.8 for the day. Open interest increased by 8 MT to 822 MT, while trading volume decreased by -61 to 61 MT.
Mentha Oil contract for MAR delivery settled at Rs 934/quintal showing an fall of Rs -2.5 over previous close of Rs 936.5/quintal,The contract moved in the range of Rs 934-938.2 for the day. Open interest increased by 3 MT to 25 MT, while trading volume increased by 2 to 3 MT.
Currently The spread between JAN and FEB contract is -10 Rs/quintal.
Currently The spread between FEB and MAR contract is -9 Rs/quintal.
Currently The spread between JAN and MAR contract is -19 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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