Menthaoil On MCX Settled Down -0.21% At 848.1

Menthaoil on MCX settled down -0.21% at 848.1 on the back of weak demand from consuming industries at the domestic spot market. Besides, ample stock positions due to rising arrivals from major growing regions also fuelled the downtrend. While support seen after the unscheduled rains showers in growing areas in UP would adversely affect harvesting process and that factor remains important as of now. Markets had remained weak for quite sometime from lack of demand amidst reports of higher sowing activities. The preliminary mandi source suggests that production of menthol is likely to be around 34-35000 tonnes during 2016-17 as compared to 32000 tonnes in 2015-16. 

While some sources estimate that total area under Mentha planting has dropped by 25% to 1.70 lakh ha this season resulting into a proportionate fall in Mentha oil production this year. However a pick up in sowing over last few weeks have ensured prices falling for the commodity, as low demand further pressurized market sentiments. As per latest reports Mentha Oil export in 2014-15 has surpassed targeted 21000 tons by 23% at 25750 tons. Export in 2013-14 was 24500 tons. Higher carryover stocks and lack of strong demand have prevented strong upside movement till now.

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