Mentha Oil On MCX Settled Up By 0.63% At 948

Mentha oil on MCX settled up by 0.63% at 948 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. Due to heavy rainfall and monsoon the supply of mentha to the major spot markets of Uttar Pradesh has been disrupted as a result there is shortage of mentha stock in the market.

The demand from local consuming industries and traders has slightly improved which is supporting the mentha prices. The favourable climatic conditions and expectation of bumper crop this year might limit the upside movement of prices. Stock positions of mentha in MCX accredited warehouses were around 6643 drums which is 721 drums more in comparison to previous day while in process were 3876 drums, which is 396 drums less against the previous day.

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