Gold Silver Reports – Mentha oil price are firming up following strong demand from the domestic and overseas markets as supply of synthetic menthol from the world’s biggest supplier has slowed down and as demand from oral care, pharmaceutical and confectionary sectors continue to remain high.
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On MCX on Tuesday, contracts for December delivery jumped by 1 per cent to Rs 1,724/kg. The open interest of the contract stood at 2,042 lots. The contract for January delivery was trading at Rs 1,752/kg with open interest at 193 lots.
MCX Mentha Oil Tips
“We expect mentha oil prices to move from the current price of Rs 1,663.90 /kg to Rs 1,860/kg by December end and it may even touch Rs 2,150/kg very very soon by January,” said Neal Bhai, research commodities, Neal Bhai Reports Commodity.
“Farmers have got Rs 1,100-1,200/kg for mentha oil this year and are offloading stock with increase in price,” said Phool Prakash, managing director, Hindustan Mint & Agro Products. “All major exporters like Sharp Menthol, Jindal Drugs Ltd, KV Aromatics are on a buying spree in the domestic market as supply of synthetic menthol from BASF’s Germany unit has slowed down,” said Prakash. – Neal Bhai Reports
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This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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