Mentha oil prices likely to find strong support: Religare

Religare Retail Research's report on agri commodities

Mentha Oil

Moderate rains in growing state of UP kept possibilities of better sowing this year and kept trend weak for Mentha Oil last week. The sowing is set to start from February onwards. Rains at this time would be beneficial for the crop sowing. Demand from pharmaceutical Industries and rise in exports could support the prices at the lower levels. High stocks are keeping uptrend limited.

Reports of current prices being on the lower side along with expected pick up in export and winter season domestic demand in coming weeks could ensure prices find some strong support here.

Higher production and higher stock levels have been keeping senti-ments weak for sometime. Domestic pharmaceutical Industries demand are likely to rise in coming weeks.

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