Mentha Oil On MCX Settled Down By -2.48% At 938.4

Mentha oil on MCX settled down by -2.48% at 938.4 driven by sluggish demand from consuming industries in the spot markets. Besides, ample stocks position on increased supplies from producing belts also put pressure on mentha oil prices. 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. Mint product exports have declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year. Exports of mint products stood at 21,150 tonne in FY16 valued at Rs. 2,577.59 crore against 25,750 tonne valued at R2,689.25 crore in FY15. According to the state-run Spices Board, India is one of the world’s largest producers of mint oil and exports nearly 80% of its produce.

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