Menthaoil On MCX Settled Up 1.87% At 953.30



Menthaoil on MCX settled up 1.87% at 953.30 on short covering on the back of pick-up in spot demand. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices. However the increase in growth and production of synthetic mentha is also hampering the demand and ultimately the price movement of mentha. Also the farmers are bringing their produce in moderate amount to the market which is limiting the upside movement of prices. The presence and growth of usage of synthetic mentha is also hampering the demand and ultimately the price movement of mentha.

Stock positions of Mentha in MCX accredited warehouses were around 6443 drums, which is 12 drums less against previous day while in process were 36 drums, which is same in comparison to the previous day. 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

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