Mentha Oil On MCX Settled Up By 0.25% At 944.5

Mentha oil on MCX settled up by 0.25% at 944.5 on short covering amid rise in demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. However, some gains were capped on the speculation that the area under cultivation can increase this year resulting good production. A better price recovery in mentha oil is expected to boost production of the crop by 12% this year. 

A large number of small and marginal farmers from Uttar Pradesh, Himachal Pradesh, Haryana and other places sowed mentha in January. India exported 21,150 metric tonnes of mentha and allied products, valued at Rs 2,577.59 crore in FY16, according to the Spices Board of India. This was 15.87% in value terms of the total spices exported. Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco products) is witnesing slow down in demand.

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