Menthaoil trading range for the day is 974.7-994.3

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Menthaoil on MCX settled up 0.85% at 986.5 amid rise in physical demand for mentha oil in the domestic spot market. Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices. However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh. 

As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year. 

While sentiments is improved after the report titled, "World Essential Oil Market - Opportunities and Forecasts, 2015 - 2022," the world essential oil market released last year which expects industry to reach $11.5 billion by 2022, with a CAGR of 10.1% from 2016 to 2022. 

As some of the key driving factors of the market are rising inclination towards natural products, growing popularity of relaxation therapies, increasing disposable income resulting in better standards of living, and growing awareness of the probable side effects of chemical substances.

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Trading Ideas: 

*Menthaoil trading range for the day is 974.7-994.3. 

*Mentha oil spot at Sambhal closed at 1124.30 per 1kg. Spot prices was remain unchangeby Rs.0.00/-. 

* Mentha oil edged higher amid rise in physical demand for mentha oil in the domestic spot market. 

*Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices. 

*However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh.

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