Mentha Oil On MCX ettled up by 0.64% at 974.9

Mentha oil on MCX settled up by 0.64% at 974.9 amid reports of crop damage in major plant growing regions including Uttar Pradesh. Sudden spurt in the prices of mentha oil would raise cost of production for consumers industries which may prompt producers to revise prices of their final product upwards. Interestingly, however, mentha oil being a small component of entire basket of raw materials, its consumer industries might absorb price rise for some time. Initially, India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. But, rainfalls later improved overall scenario that got worsened with scorching heat waves in May. Hence, overall mentha oil output for 2016-17 is now revised upwards at 34,000 tonnes.

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