Tight Stocks Lift Mentha Oil Futures

Mentha oil prices rose by 0.23 per cent on Wednesday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for April 2016 contract, at MCX, were trading at Rs. 856.40 per kg, up by 0.23 per cent after opening at Rs. 854.50 against the previous closing price of Rs. 854.40. It touched the intra-day high of Rs. 861.90 till the trading. 

Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh. 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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