Low demand, increased supply drag down Mentha oil futures
06/08/2014 14:34
Mentha oil prices fell by 0.70 per cent on Wednesday 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 2014 contract, at MCX, were trading at Rs. 708.60 per kg, down by 0.70 per cent after opening at Rs. 711.10 against the previous closing price of Rs. 713.60. It touched the intra-day low of Rs. 706.20 till the trading. (At 2.35 PM today). 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.
06/08/2014 14:34
Mentha oil prices fell by 0.70 per cent on Wednesday 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 2014 contract, at MCX, were trading at Rs. 708.60 per kg, down by 0.70 per cent after opening at Rs. 711.10 against the previous closing price of Rs. 713.60. It touched the intra-day low of Rs. 706.20 till the trading. (At 2.35 PM today). 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.
