Mentha Oil On MCX Settled Up By 1.38% At 928.9

Mentha oil on MCX settled up by 1.38% at 928.9 taking strong cues from spots market. As per sources, climatic condition is good for the mentha crop due to which it is expected that this year production might increase 15% which will put the pressure on the prices. From supply demand front, arrivals are more in the major spots market of Uttar Pradesh while demand is average from the local buyers.

On the flip side, Chinese economy is showing signs of recovery due to which export demand might be increase in the coming days which might limit the downside. Prices of mentha oil had risen almost 25% post demonetisation in a month's time because traders in Uttar Pradesh were unwilling to sell their produce in lieu of online payments or cheques.

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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