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Mentha Oil falls as pick-up in fresh arrivals expected

Mentha Oil falls as pick-up in fresh arrivals expected

Thu May 16 2019

 

Mentha oil prices have fallen 4 per cent on expectation of a pickup in fresh arrivals within a week’s time. Traders anticipate a steeper downslide in June. The herb, grown largely in UP, is in huge demand by the oral care, pharmaceutical, perfumery and confectionery sectors. Mentha oil prices slumped to Rs 1,360 per kg in the past month on the hope of higher production. The contract for June delivery was trading at Rs 1,258 per kg with open interest at 402 lots.

 

“We expect mentha oil prices to move from the current price towards Rs 1,300-1,280 per kg by June expiry,” said Anuj Gupta, deputy V-P at Angel Broking. The companies purchase the mint oil to make menthol and crystals. Phool Prakash, MD at Hindustan Mint & Agro Products, said the prices will crash further when major exporters like Sharp Menthol, Jindal Drugs, Nectar Life Sciences and Ind-Swift will begin procurement.

 

“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,” Prakash said. Looking at the export and the domestic demand, mentha was also being grown in small tracts of land across Bihar, MP and Punjab.

 

India is the largest producer and exporter of mentha oil and its derivatives. The total production is expected to rise 35-40 per cent to 48,000 tonnes to 50,000 tonnes, according to traders. Last year, production was around 33,000 to 35,000 tonnes. India annually exports 70 per cent of the domestic production.

 

Source: https://economictimes.indiatimes.com/

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