Agri commodities: Mentha oil, turmeric slide on low demand

Turmeric:
NEW DELHI: Turmeric prices drifted 2.62 per cent lower to Rs 7,358 per quintal in futures market today as participants offloaded bets, tracking a weak trend in the physical markets.

Further, ample stock positions against increased arrivals from producing regions also contributed to the fall in rates.


At the National Commodity and Derivatives Exchange, turmeric for delivery in May declined Rs 198, or 2.62 per cent, to Rs 7,358 per quintal with an open interest of 540 lots.

Similarly, the spice for delivery in April lost Rs 100, or 1.36 per cent, to Rs 7,230 per quintal in 10,755 lots.

Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock positions on increased supplies, kept pressure on turmeric prices.

Mentha oil:
Mentha oil prices fell 1.34 per cent to Rs 1,522.60 per kg in futures trade today as speculators trimmed positions, triggered by muted demand from consuming industries in the spot market.

Besides, ample stock positions on higher supplies from major producing regions of Chandausi in Uttar Pradesh fuelled the downtrend.

At the Multi Commodity Exchange, mentha oil for delivery this month declined Rs 20.70, or 1.34 per cent, to Rs 1,522.60 per kg, in a business turnover of 187 lots.

On similar lines, the oil for delivery in February traded Rs 16.80, or 1.08 per cent, lower at Rs 1,543.50 per kg in 66 lots.

Analysts said offloading of positions by participants amid subdued demand from consuming industries in the spot market led to the decline in prices in futures trade.

Crude palm oil:
Crude palm oil prices rose 0.67 per cent to Rs 559.90 per 10 kg in futures trade today as participants created fresh bets, supported by pick-up in demand in the spot market.

A firming trend in overseas markets also fuelled the uptrend.

At the Multi Commodity Exchange, crude palm oil for delivery in February rose Rs 3.70, or 0.67 per cent, to Rs 559.90 per 10 kg in business turnover of 192 lots.

Similarly, the oil for delivery in March went up by Rs 3.20, or 0.57 per cent, to Rs 562.50 per 10 kg in 89 lots.

Analysts said fresh positions built up by participants on the back of rise in demand in the physical market against restricted supplies from producing regions drove crude palm oil prices.