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MCX Mentha Oil Settles Higher On Short Covering

ByCommodityOnline
Published 04/17/2012, 05:04 AM
Updated 05/14/2017, 06:45 AM
IMOEX
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Mentha oil futures traded bullish on Monday on the back of low stocks at the end of the current marketing year as coupled with reports of delayed sowing due to the late harvesting of wheat.

In the intraday, mentha oil reached a high of Rs. 2458/kg on the futures but saw some profit booking towards the end of the day. The spot as well as futures settled higher by 1.76% and 1.06% respectively.

Total special cash margin of 25% on the long side has been imposed on all contracts of mentha oil from March 9, 2012. For detailed reference please refer to the Circular No: MCX/T&S/074/2012 dt 06/03/2012.

Production, Arrivals And Exports

According to market sources, sowing of mentha in Western UP is expected to increase by 30% as compared to last year, while sowing in all regions is expected to increase by 20%. Arrivals in entire UP stand around 130 drums (1drum – 180 kgs) daily.

Exports of mentha during April 2011 to January 2012 witnessed a decline of 6% to 12,850 tonnes as compared to 13,550 tonnes in the same period last year.

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