Menthaoil On MCX Settled Up 2.7% At 957

Menthaoil on MCX settled up 2.7% at 957 tracking a firming trend at spot market on rising demand from consuming industries. Further, limited supply from major producing regions of Chandausi in Uttar Pradesh also fuelled the uptrend. 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. Currently, mentha crop is been harvested and reports of heavy rainfall in the major growing areas in Uttar Pradesh affected arrivals resulting into fear of crop damage for October harvest.

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