Mentha oil futures down marginally on profit-booking
30/04/2015 14:39
Mentha oil prices declined by 0.04 per cent to Rs 998.50 per kg in futures trading today as speculators booked profits at prevailing levels amidst fall in demand from consuming industries in the spot market. Besides, adequate stocks position in the physical market on higher supplies from producing belts put pressure on mentha oil prices. At MCX, Mentha oil futures for April 2015 contract, at MCX, were trading at Rs. 998.50 per kg, down by 0.04 per cent after opening at Rs. 1,004 against the previous closing price of Rs. 998.90. It touched the intra-day low of Rs. 991 till the trading. (At 2.45 PM today).
Traders attributed the fall in mentha oil futures to profit-booking by speculators at existing higher levels and fall in demand from consuming industries 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.
