Menthaoil On MCX Settled Down

Menthaoil on MCX settled down -0.22% at 868.9 driven by subdued demand from consuming industries at the domestic spot market. Further, rising arrivals from major producing regions of Chandausi in Uttar Pradesh also fuelled the downtrend. Prices seen pressure despite of the anticipation that current year production can slip more that 35% due to lower plantings on falling prices in the last two years. 

As per market survey the total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into a proportionate fall in Mentha oil production this year. Prices had significantly dropped since last 6months and prices traded in the range as demand from consuming industries is mute against steady arrival from spot market of Chandausi in Uttar Pradesh which is keeping prices within a range.

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