Mentha Oil Prices Surge Amid Strengthened Demand

New Delhi, April 24 (Commoditiescontrol): Mentha oil prices continued to show upward trend for the third consecutive session on Wednesday, driven by robust demand and dwindling stock levels, according to market reports.

In the key markets, mentha oil prices witnessed significant gains, with prices in Chandausi surging by Rs 6 to reach Rs 1016-1018 per kg, while prices in Barabanki also climbed Rs 6 to stand at Rs 982 per kg.

At MCX, mentha oil futures for April delivery registered substantial increases. Prices surged by Rs 36.8 to reach Rs 931.9 per kg, with an open interest of 116 and a trading volume of 152 contracts. Similarly, the mentha oil future contract for April delivery experienced a notable uptick, rising by Rs 23.1 to trade at Rs 930 per kg. This contract witnessed an open interest of 364 and a trading volume of 339 contracts.

Traders attribute the bullish trend in mentha oil prices to the current low levels of stock coupled with heightened demand for the natural produce. This sustained upward momentum underscores the market's sentiment towards mentha oil, which is expected to remain buoyant in the near term.

Mentha Oil contract for APR delivery settled at Rs 931.9/quintal showing an rise of Rs 36.8 over previous close of Rs 895.1/quintal,The contract moved in the range of Rs 892.1-931.9 for the day. Open interest decreased by -97 MT to 116 MT, while trading volume increased by 36 to 152 MT.

Mentha Oil contract for MAY delivery settled at Rs 930/quintal showing an rise of Rs 23.1 over previous close of Rs 906.9/quintal,The contract moved in the range of Rs 904.5-936.3 for the day. Open interest increased by 96 MT to 364 MT, while trading volume increased by 250 to 339 MT.

Mentha Oil contract for JUNE delivery settled at Rs 931.1/quintal showing an rise of Rs 17.1 over previous close of Rs 914/quintal,The contract moved in the range of Rs 910.5-936 for the day. Open interest increased by 2 MT to 246 MT, while trading volume increased by 26 to 55 MT.

Currently The spread between APR and MAY contract is 1.89999999999998 Rs/quintal.

Currently The spread between MAY and JUNE contract is -1.10000000000002 Rs/quintal.

Currently The spread between APR and JUNE contract is 0.799999999999955 Rs/quintal.

(By Commoditiescontrol Bureau: +91 9820130172)