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Spot Mentha Gains Further On Tight Supply

8 Feb 2019 7:18 pm
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NEW DELHI (Commoditiescontrol) - Spot mentha oil prices gained further at key markets of Uttar Pradesh on Friday amid increased buying and restricted supply in the wake of rainfall with thunderstorms.

Overall, sentiments are bullish as delayed sowing in the state is likely to affect the crop yield. Demand from the industry for the coming summer season is also supporting prices.

As per reports, farmers are now worried as untimely rains and inclement weather conditions have dealyed the sowing in key producing belts. The production is likely to be badly affected if weather conditions don't improve in the next few days.

However, concerns over production have somewhat eased as sowing of the spice crop, which was largely concentrated in Barabanki, Sambhal and Chandausi in Uttar Pradesh, spread to Punjab and Haryana a decade ago and is now seen in Bihar and Madhya Pradesh.

Last year mentha oil production was at around 35,000 tonnes.

Mentha oil prices in Chandausi, Sambhal and Rampur quoted at Rs 1,730/kg, Rs 1,740 and Rs 1,650, respectively. While, at the Multi Commodity Exchange (MCX), mentha oil for delivery in February traded higher by Rs 16.80, or 1.07 percent at Rs 1,581.50 per kg.

Market was earlier expecting rise in acreage in 2019 due to high returns the commodity gave in the past few years. The commodity offers good value proposition as the cost of production of mentha oil is below Rs 500 a kg, while the spice oil is consistently traded at Rs 1,500-1,800 a kg.

(By Commoditiescontrol Bureau)


       
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