Menthaoil On MCX Settled Up 0.85% At 986.5

Menthaoil on MCX settled up 0.85% at 986.5 amid rise in physical demand for mentha oil in the domestic spot market. Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices. However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh. As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year. While sentiments is improved after the report titled, "World Essential Oil Market - Opportunities and Forecasts, 2015 - 2022," the world essential oil market released last year which expects industry to reach $11.5 billion by 2022, with a CAGR of 10.1% from 2016 to 2022.

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