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Spot Mentha Moves Higher On Low-Level Buying

15 Apr 2019 8:15 pm
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NEW DELHI (Commoditiescontrol) - Spot mentha oil prices moved higher at key markets of Uttar Pradesh on Monday due to low level buying.

In the short term market may remain range-bound as weak buying from US and China is likely to be offset by emerging summer season demand and tightness in supply at the fag-end of the season.

However, medium to long term sentiments are still bearish amid better crop prospects for this season.

Mentha oil prices in Chandausi, Sambhal and Rampur quoted at Rs 1,615/kg, Rs 1,620 and Rs 1,605, respectively. While, at the Multi Commodity Exchange (MCX), mentha oil for delivery in April ended higher by Rs 39.30 or 2.70 percent at Rs 1,493 per kg.

Traders said that if the weather remains favourable throughout the growth stage, yield may rise considerably and production of mentha oil may get a further boost. The new crop of mentha oil is likely to hit markets by June.

Production of mentha oil is expected to rise to 48,000-50,000 tonnes in 2019 from 33,000-35,000 tonnes last year, market participants said. This season, the area under mint is expected to be 250,000-265,000 hectares.

(By Commoditiescontrol Bureau)


       
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