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Spot Mentha Gains Further On Tight Supply

17 May 2019 5:48 pm
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NEW DELHI (Commoditiescontrol) - Spot mentha oil prices gained further at key markets of Uttar Pradesh on Friday amid tight supply and low-level buying.

As per trade sources, lower inventory of mentha oil in spot markets and at exchange-accredited warehouses at the fag end of the season mainly 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 1,560/kg, Rs 1,565 and Rs 1,550, respectively.

While, at the Multi Commodity Exchange (MCX), mentha oil for delivery in May moved up by Rs 23.30 or 1.69 percent at Rs 1,403.10 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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