Mentha Oil On MCX Settled Up By 2.24% At 933.1

Mentha oil on MCX settled up by 2.24% at 933.1 amid an increase in demand in the domestic spot market. The daily arrival of mentha in the major spot markets of Uttar Pradesh has decreased due to the ongoing monsoon, which is making it difficult for farmers for bringing their stock. Currently they are buying only as per the requirement. The favourable climatic conditions and monsoon might limit the upside movement of the mentha prices.

Also in near future there is no expectation of any positive outcome for export demand. Stock positions of mentha in MCX accredited warehouses were around 5274 drums which is 109 drums more in comparison to previous day while in process were 4440 drums, which is 84 drums more against the previous day. As per sources, demand is weak ahead of GST as local traders and mentha consuming industries are avoiding bulk buying.

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