New Delhi, February 9 (CommoditiesControl): Mentha oil prices continued to show downward trend on Friday, both in the physical market and futures, as poor demand from local and overseas industries persisted. The subdued demand from domestic industries, which has been a consistent trend in recent years, has now been further exacerbated by weak export demand. Despite low current stocks, providing some support to prices, the industrial demand remains notably negligible, according to trade analysts.
In Chandausi market, mentha oil prices were reported at Rs 988-990 per kg, reflecting the prevailing bearish sentiment. Meanwhile, in the Barabanki market, prices were even lower at Rs 960 per kg, indicating the broad impact of the subdued demand on market trends.
The benchmark contract for Mentha oil, slated for delivery in February, witnessed a decline of Rs 4.6, trading at Rs 904.9 per kg at the Multi Commodity Exchange (MCX). The open interest stood at 785, with a trading volume of 161.
Trade sources attribute the continued bearish trend to the persistently poor demand both domestically and internationally. Despite the current low stocks, the market is facing a considerable challenge due to the negligible industrial demand. The impact is further reflected in the subdued prices witnessed in key marketplaces.
Mentha Oil contract for FEB delivery settled at Rs 904.9/quintal showing an fall of Rs -4.6 over previous close of Rs 909.5/quintal,The contract moved in the range of Rs 896-916.4 for the day. Open interest decreased by -31 MT to 785 MT, while trading volume increased by 128 to 161 MT.
Mentha Oil contract for MAR delivery settled at Rs 914.8/quintal showing an fall of Rs -3.2 over previous close of Rs 918/quintal,The contract moved in the range of Rs 914.2-922.5 for the day. Open interest increased by 8 MT to 62 MT, while trading volume increased by 21 to 33 MT.
Mentha Oil contract for MAR delivery settled at Rs 914.8/quintal showing an fall of Rs -3.2 over previous close of Rs 918/quintal,The contract moved in the range of Rs 914.2-922.5 for the day. Open interest increased by 8 MT to 62 MT, while trading volume increased by 21 to 33 MT
Currently The spread between FEB and MAR contract is -9.89999999999998 Rs/quintal.
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
Currently The spread between FEB and MAR contract is -9.89999999999998 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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