Mentha Oil On MCX Settled Up By 2.79% At 1054

Mentha oil on MCX settled up by 2.79% at 1054 amid pick-up in demand from consuming industries in the domestic spot market. Further, 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 8707 drums which is 456 drums more in comparison to previous day while in process were 2388 drums, which is 444 drums less against the previous day.

The supply of mentha to the major spot markets of Uttar Pradesh is moderate while the demand from local consuming industries and traders has shown improvement. Due to heavy rainfall there is expectation of damage to the new stock, which is also giving support to the mentha prices. 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.

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