Menthaoil On MCX Settled Down



Menthaoil on MCX settled down -0.21% at 863.4 due to profit booking tracking sluggish demand from consuming industries at the spot market. Moreover, ample stock positions on account of rising arrivals from major producing belts of Chandausi in Uttar Pradesh also weighed on mentha oil prices. However downside seen limited in 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. Major buyers like China and Japan because of its economic slowdown have reduced their buying quantity of mentha and its product.

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