Mentha Oil On MCX Settled Down By -2.12% At 903.4

Mentha oil on MCX settled down by -2.12% at 903.4 as arrivals of the new crop, have started in the key markets of Sambhal and Chandausi in Uttar Pradesh. About 100-120 drums in Sambhal and 70 drums in Chandausi (per day) of mentha oil have been arriving. Arrivals this season are about 20 days late than normal. As on 20th June 2017 stock positions of mentha in MCX accredited warehouses were around 4145 drums which is 35 drums more against the previous day while in process were 984 drums, which is also 228 drums more against the last day.

It indicates arrivals are more in the market. As per sources, arrivals are more in the major spots market of Uttar Pradesh. On the other side, buying demand is good from local traders which might support the prices. From the export side, news of improving Chinese economy might give a boost to the export demand in coming days. In addition to this, it is expected that this year production might increase around 15% due to which demand of natural mentha has increased.

The expectation of good production of mentha during the year has boosted the demand for natural mentha. The new crop of mentha oil is being sold at 975 and 1,010 rupees per kg in Chandausi and Sambhal, respectively, down about 50-70 rupees in the last two weeks. The daily supply could rise to around 400 drums in the next two weeks. Expectations of higher output in 2017 will further dampen the sentiment moving ahead.

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