New Delhi, February 19 (Commoditiescontrol): Menatha oil prices maintained stability on Monday in key markets of Uttar Pradesh, reflecting subdued demand and supply. Simultaneously, the sowing of the new crop has commenced in key growing regions such as Barabanki, Rampur, Chandausi, and Sambhal in Uttar Pradesh.
According to trading sources, the cultivation area for mentha is anticipated to be lower this year compared to the previous year, primarily attributed to farmers facing challenges in securing profitable prices amid the economic downturn in China, a significant buyer of natural mentha oil from India. The prices have experienced a decline due to sluggish demand from both local industries and exporters.
Tracking weakness in the physical markets, mentha oil futures were also trading nearly flat at local bourse.
Mentha oil was priced at Rs 990 per kg in the Chandausi market, while in Barabanki, it stood at Rs 970 per kg.
The benchmark Mentha oil contract for February delivery exhibited a marginal increase of Rs 0.2 or 0.02%, trading at Rs 902 per kg on the MCX. The open interest was recorded at 587, with a trading volume of 98.
Similarly, the benchmark contract for February delivery showed a slight uptick of Rs 0.6 or 0.06%, reaching Rs 914.40 per kg on MCX. The open interest stood at 247, accompanied by a trading volume of 79.
Mentha Oil contract for FEB delivery settled at Rs 902/quintal showing an rise of Rs 0.9 over previous close of Rs 901.1/quintal,The contract moved in the range of Rs 900.1-907.1 for the day. Open interest decreased by -63 MT to 587 MT, while trading volume increased by 28 to 98 MT.
Mentha Oil contract for MAR delivery settled at Rs 914.4/quintal showing an rise of Rs 1.4 over previous close of Rs 913/quintal,The contract moved in the range of Rs 912.2-919 for the day. Open interest increased by 64 MT to 247 MT, while trading volume increased by 40 to 79 MT.
Mentha Oil contract for MAR delivery settled at Rs 914.4/quintal showing an rise of Rs 1.4 over previous close of Rs 913/quintal,The contract moved in the range of Rs 912.2-919 for the day. Open interest increased by 64 MT to 247 MT, while trading volume increased by 40 to 79 MT.
Currently The spread between FEB and MAR contract is -12.4 Rs/quintal
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
Currently The spread between FEB and MAR contract is -12.4 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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