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Spot Mentha Edges Higher On Low-Level Buying, Tight Supply

16 May 2019 9:36 pm
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NEW DELHI (Commoditiescontrol) - Spot mentha oil prices edged higher at key markets of Uttar Pradesh on Thursday amid low-level buying.

Lower inventory of mentha oil in spot markets and at exchange-accredited warehouses at the fag end of the season also supported prices.

However, sentiments are bearish amid expectations of higher production this year. The new crop of mentha oil is likely to hit markets by June.

Mentha oil prices in Chandausi, Sambhal and Rampur quoted at Rs 1,545/kg, Rs 1,550 and Rs 1,540, respectively.

While, at the Multi Commodity Exchange (MCX), mentha oil for delivery in May moved up by Rs 7.90 or 0.58 percent at Rs 1,381 per kg.

The crop is good this year and we expect production to be higher over the previous year as there was good export demand in the previous year,” a trader said.

As per trade sources, production of mentha oil is expected to rise to 48,000-50,000 tonnes in 2019 from 33,000-35,000 tonnes last year.

India is the largest producer and exporter of mentha oil and its derivatives.

(By Commoditiescontrol Bureau)


       
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