Tuesday, 25 August 2015
MCX TIPS--Surge in arrivals drags down Mentha oil futures
Mentha oil prices fell by 1.07 per cent on Monday at the Multi Commodity Exchange (MCX) as a result of the increased arrivals of the commodity in the physical market from the major producing belts in Uttar Pradesh. At MCX, Mentha oil futures for August 2015 contract, at MCX, were trading at Rs. 966.80 per kg, down by 1.07 per cent after opening at Rs. 980.10 against the previous closing price of Rs. 977.30.
It touched the intra-day low of Rs. 963.30 till the trading. Sentiment weakened further as the investors indulged in profit-booking in the midst of a fall in demand in the spot market. About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.
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