Multi Commodity Exchange of India Ltd (MCX) today said it has witnessed record delivery of 13.5 lakh kg valued at about Rs 156 crore executed in mentha oil June 2015 contract.
"The exchange has witnessed record delivery of 13.5 lakh kg valued at approximately Rs 156 crore executed in mentha oil June 2015 contract. In terms of both value and quantity this is the highest delivery executed in mentha oil on the Exchange platform, since the contract's launch in 2005," MCX said in a statement here.
Mentha oil futures on the Exchange have significant participation from all spectrum of participants, including the entire gamut of physical market participants, such as aggregators, traders, processors, exporters who manage their price risks by trading on MCX platform.
The availability of a liquid futures market in mentha oil has bestowed a plethora of benefits to all stakeholders of the commodity value chain and has aided in developing the ecosystem, including the physical marketing infrastructure of the commodity.
In the domestic market, consumption of mentha oil, which is extracted from mint leaves, is very high considering its extensive usage for a wide range of products like hygiene products, FMCG, pharmaceutical, perfumery and confectionery.
"The mentha oil futures has made an important contribution towards making Indian markets more transparent and efficient and has been instrumental in placing India at the world no. 1 position in mentha crystals exports," MCX joint managing director P K Singhal said.
India is the largest producer and exporter of mentha oil in the world. Mentha arvensis is cultivated in India mainly in Uttar Pradesh, Bihar, Punjab and Uttarakhand. The all-India area under mentha in the country is estimated at about 3-3.5 lakh hectares.
India produces about 40,000-45,000 MT of mint oil.
Significant part of Indian production is exported in the form of oil and various derivative products of mentha oil like menthol, crystals, etc. In 2014-15, India exported 25,750 MT of mint oil and products, which earned it a foreign exchange worth Rs 2,689.25 crore.
