Mentha oil down

COMMODITY SPIKES

Mentha oil futures remained bearish throughout the week on the back of poor demand from both the domestic as well as the exports market.

The commodity opened weak at Rs 490 a kg and managed to reach the Rs 500 mark, which it had breached eight trading sessions ago. In the spot market of Chandausi and other mandis in Uttar Pradesh, prices are still ruling above the Rs 510 mark.

The bearish sentiments due to the rise in output this year was not letting the market to go up, said market analysts. The country is expecting around 30,000 tonnes this year, up 60 per cent against last year's output. Pharmaceutical firms are the major buyer of mentha oil.

On the National Commodity and Derivatives Exchange, the near-month contract of mentha oil closed at Rs 488 a kg, down 2.2 per cent against last week's close of Rs 499.