Mentha Oil On MCX Settled Down By -0.38% At 994.3

Mentha oil on MCX settled down by -0.38% at 994.3 triggered by sluggish demand from consuming industries at the spot market. Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too weighed on mentha oil prices. Pressure also seen on the speculation the area under cultivation can increase this year resulting good production. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes. Unfavourable weather conditions during harvesting period led to the drop in production. On the demand side, the seasonal demand emerges during winter season, especially from the pharma sector. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.

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