New Delhi, May 9 (CommoditiesControl): Mentha oil prices maintained their firm stance in the spot market on Thursday, with futures also showing upward movement. Traders attributed the firmness in prices to the negligible stocks of mentha oil available. Additionally, most of the local industrial demand for mentha oil is being met by synthetic products currently. According to a trader, there's currently little price disparity between natural mentha produce and synthetic alternatives.
Market analysts anticipate a rise in demand for natural mentha produce from overseas markets as the arrival of new crops commences. The crop condition for mentha is reportedly good in the major producing areas of Uttar Pradesh, with harvesting expected to begin in June.
In Chandausi market, mentha oil prices were quoted at Rs 1012-1014 per kg, while in Barabanki market, prices stood at Rs 980 per kg.
At the Multi Commodity Exchange (MCX), the futures contract for mentha oil delivery in May was trading Rs 10.7 higher at Rs 942 per kg, with open interest of 358 and volume of 85. Conversely, the futures contract for delivery in June was trading Rs 7.4 down at Rs 948 per kg, with open interest of 308 and volume of 9.
Mentha Oil contract for MAY delivery settled at Rs 942/quintal showing an rise of Rs 10.7 over previous close of Rs 931.3/quintal,The contract moved in the range of Rs 929.2-947 for the day. Open interest increased by 11 MT to 358 MT, while trading volume decreased by -4 to 85 MT.
Mentha Oil contract for JUNE delivery settled at Rs 948/quintal showing an rise of Rs 7.4 over previous close of Rs 940.6/quintal,The contract moved in the range of Rs 940-951.1 for the day. Open interest decreased by -1 MT to 308 MT, while trading volume decreased by -31 to 9 MT.
Mentha Oil contract for JUL delivery settled at Rs 956/quintal showing an rise of Rs 10 over previous close of Rs 946/quintal,The contract moved in the range of Rs 950-956 for the day. Open interest increased by 2 MT to 3 MT, while trading volume increased by 3 to 3 MT.
Currently The spread between MAY and JUNE contract is -6 Rs/quintal.
Currently The spread between JUNE and JUL contract is -8 Rs/quintal.
Currently The spread between MAY and JUL contract is -14 Rs/quintal.
(By Commoditiescontrol Bureau: +91 9820130172)
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