Wednesday 12 June 2013

Potato & Mentha Oil Fall on Sluggish demand

MCX Potato continues its downward journey; falls on sluggish demand
Potato prices continued its downward journey, falling for the fourth day on Wednesday at the Multi Commodity Exchange (MCX) as a result of easy availability in the physical markets following fresh arrivals from producing regions in UP, Punjab, MP and West Bengal. Potato futures for June 2013 contract, at MCX, were trading at Rs 900 per 100 kg, down by 0.49 per cent after opening at Rs. 906 against the previous closing price of Rs. 904.40. It touched the intra-day low of Rs. 895 till the trading. Sentiment weakened further as traders offloaded their positions due to low demand in the domestic markets in the midst of adequate stocks. The major potato markets in UP are Agra, Hathras, Kanpur, Meerut, Farrukkhabad; Jalandhar, Ludhiana, Phul and Patiala in Punjab; Ujjain, Indore and Dewas in MP and Hoogly, Burdwan and Howrah in West Bengal.

MCX Mentha oil reverses its previous day’s gains; falls on low demand
Mentha oil prices reversed its previous day’s gains, falling by 1.57 per cent on Wednesday at the domestic markets 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 June 2013 contract, at MCX, were trading at Rs.991.80 per kg, down by 1.57 per cent after opening at Rs. 1,003 against the previous closing price of Rs. 1,007.60. It touched the intra-day low of Rs. 984.30 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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