Weak Demand Higher Arrivals Drag Down Mentha Oil Futures

Mentha oil prices fell by 0.57 per cent on Friday at the Multi Commodity Exchange 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 February 2016 contract, at MCX, were trading at Rs. 910.40 per kg, down by 0.57 per cent after opening at Rs. 917 against the previous closing price of Rs. 915.60. It touched the intra-day low of Rs. 909.30 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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