Menthaoil on MCX settled up 1.38% at 844.7 amid rising demand from consuming industries in the spot market. Further, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil prices uptrend. 

  Markets had remained weak for quite sometime from lack of demand amidst reports of higher sowing activities. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17 as compared to 32000 tonnes in 2015-16. 

                      Trading Ideas  

1. Menthaoil trading range for the day is 821.8-858.            

2. Mentha oil spot at Sambhal closed at 926.60 per 1kg. Spot prices is up by Rs.3.10/-.        

3. Mentha oil prices gained amid rising demand from consuming industries in the spot market.   

4. Further, restricted supplies from major growing regions of Chandausi in Uttar Pradesh also added support to mentha oil prices. 

5. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes.  

     

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