New Delhi, March 6 (Commoditiescontrol): Mentha oil prices witnessed a notable uptrend in the spot market on Wednesday, with firmness also evident in the futures market due to improved buying. Analysts attribute the strength in mentha oil prices to the combination of dwindling existing stocks and anticipated lower acreage in the ongoing sowing season.
Trade analysts highlighted that the current firmness in mentha oil prices is primarily driven by the scarcity of stocks and the expectation of reduced acreage during the ongoing sowing season. Although sowing has commenced in some regions of Uttar Pradesh, reports indicate a sluggish pace. Sources suggest that the momentum in mentha crop sowing is likely to pick up after the harvesting of potatoes.
In Chandausi market, mentha oil prices surged by Rs 6, reaching a range of Rs 1022-1024 per kg. Meanwhile, prices remained relatively stable in the Barabanki market, hovering around Rs 990-995 per kg.
On the Multi Commodity Exchange (MCX), the benchmark contract of Mentha oil for March delivery exhibited strength, trading Rs 2.30 higher at Rs 934 per kg. The open interest stood at 612, with a trading volume of 118.
Mentha Oil contract for MAR delivery settled at Rs 934/quintal showing an rise of Rs 2.3 over previous close of Rs 931.7/quintal,The contract moved in the range of Rs 928-937.4 for the day. Open interest decreased by -6 MT to 612 MT, while trading volume decreased by -43 to 118 MT.
Mentha Oil contract for MAR delivery settled at Rs 934/quintal showing an rise of Rs 2.3 over previous close of Rs 931.7/quintal,The contract moved in the range of Rs 928-937.4 for the day. Open interest decreased by -6 MT to 612 MT, while trading volume decreased by -43 to 118 MT.
Mentha Oil contract for MAR delivery settled at Rs 934/quintal showing an rise of Rs 2.3 over previous close of Rs 931.7/quintal,The contract moved in the range of Rs 928-937.4 for the day. Open interest decreased by -6 MT to 612 MT, while trading volume decreased by -43 to 118 MT.
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
Currently The spread between MAR and MAR contract is 0 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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