The Hindu Business Line : Mentha oil recovers marginally

NEW DELHI: After witnessing a long bearish trend, mentha oil prices on Monday recovered marginally on the domestic futures market on short-covering by speculators. Prices of mentha oil for all the three running contracts - August, September and October months were in the positive territory with a gain up to 0.67 per cent.

At 1045 hrs, mentha oil for far-month October contract rose 0.67 per cent at Rs 646.90 per kg on the Multi Commodity Exchange with a business volume of 10 lots. September contract was also up 0.52 per cent at Rs 635.50 per kg. The contract recorded busi ness volume of 76 lots. Mentha for the most-active August contract was trading 0.42 per cent higher at Rs 623.50 per kg in a trading volume of 83 lots.

According to a MCX trader, apart from short-covering of positions by speculators bargain-buying at lower levels also lifted mentha oil prices. India is the biggest producer and exporter of mentha oil and in 2007 produced 30,000-32,000 tonnes. Exports o f mint products - mentha oil, menthol and menthol crystals rose 6.84 per cent to 4,530 tonnes during April-June period. - PTI

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