Mentha Oil On MCX Settled Up By 0.28% At 942.1



Mentha oil on MCX settled up by 0.28% at 942.1 due to uptick in demand in the domestic spot market. Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported mentha oil prices. Stock positions of mentha in MCX accredited warehouses were around 4674 drums which is 48 drums more against the previous day while in process were 408 drums, which is also 48 drums more against the last day.

Arrivals are moderate in the major spot markets of Uttar Pradesh. As per the sources, the local demand for mentha from the traders and domestic consuming industries has slightly improved in comparison to previous days. Due to the improving Chinese economy, there is expectation of increase in export demand in coming days which is also giving support to the prices.

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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