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Agri-commodities: Mentha oil, wheat rise on improved demand – Economic Times

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NEW DELHI: Mentha oil prices rose by 0.41 per cent to Rs 1,448 per kg in futures trading today as speculators enlarged positions, taking positive cues from spot market on surging demand.

At the Multi Commodity Exchange, mentha oil for delivery in April advanced by Rs 5.90, or 0.41 per cent, to Rs 1,448 per kg in a business turnover of 80 lots.

Similarly, the oil for delivery in May gained Rs 3.30, or 0.25 per cent, to Rs 1,322 per kg in 64 lots.

Marketmen said, building of positions by participants on the back of strong demand from consuming industries in the physical market against restricted supplies from Chandausi, kept mentha oil prices higher at futures trade.

Crude palm oil:
Crude palm oil prices traded lower by 0.42 per cent to Rs 638.50 per 10 kg in futures trade today as speculators cut bets tracking a weak trend overseas.

At the Multi Commodity Exchange, crude palm oil for delivery in May fell by Rs 2.70, or 0.42 per cent, to Rs 638.50 per 10 kg in a business turnover of 122 lots.

Likewise, the oil for delivery in April shed Rs 2.30, or 0.36 per cent, to Rs 633.80 per 10 kg in 123 lots.

Analysts said, offloading of positions by traders in tandem with a weak trend overseas amid easing demand in the physical market, mainly weighed on crude palm oil prices at the futures trade.

Meanwhile, the benchmark palm oil for July delivery slid 1.3 per cent to 2,369 ringgit (USD 609.55) a tonne on the Bursa Malaysia Derivatives Exchange.

Wheat futures:
Wheat prices traded marginally higher by 0.36 per cent to Rs 1,685 per quintal in futures trade today as speculators built up fresh bets.

At the National Commodity and Derivatives Exchange, wheat for delivery in May edged higher by Rs 6, or 0.36 per cent, to Rs 1,685 per quintal with an open interest of 2,100 lots.

Analysts said, fresh positions created by traders due to improved demand in the physical market amid a pause in arrivals, influenced wheat prices in futures trade.

Cottonseed oil cake:
Cottonseed oil cake prices fell by Rs 14 to Rs 1,376.50 per quintal in futures trade today on trimming of positions by participant in sync with weak spot market trend.

Market players mentioned the down tick in cottonseed oil cake futures prices to sluggish demand for animal feed makers amid ample stocks on steady inflow of arrivals in spot markets.

At the National Commodity and Derivative Exchange, the delivery of the cottonseed oil cake April contracts moved down by Rs 14, or 1.01 per cent, to Rs 1,376.50 per quintal with an open interest of 3,720 lots.

The delivery of the most active May contracts also eased by Rs 9.50, or 0.68 per cent, to Rs 1,395 per quintal with a business turnover of 1,76,540 open lots.