Mentha Oil Settled Down By -1.27% At 886.1

Mentha oil settled down by -1.27% at 886.1 as ample stocks positions on higher supplies from Chandausi in Uttar Pradesh weighed on prices. Global demand is expected to rise at these lower levels in coming weeks. The undertone was mixed in the physical markets as participants were unable to receive adequate inputs for price discovery. As per market sources, the overall production is still 70% lower from the previous year of 50,000 tons. Traders had estimated earlier that the total production in the range of 35000-37000 tons for this year, and currently it appears that the average estimate might be reduced to 30000 tons.

Mentha oil production in India is likely to decline by 20% due to lower plantings of the aromatic herb on falling prices in the last two years. In fact, huge carryover stocks from the previous year coupled with huge capacity built up of synthetic mint, a substitute of mentha oil, also discouraged farmers to bring less area under mentha plant this year. 

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