Mentha Oil On MCX Settled Up By 0.53% At 983.5

Mentha oil on MCX settled up by 0.53% at 983.5 on some buying after prices remained under pressure amid of reports that carryover stocks are huge against the current consumption level, while the stocks is also been sufficient. Short term outlook remain weak as first of all prices are trading below 1000 level mark while the huge carryover stock of mentha oil and also prices trading with weakness leading to a glut with synthetic mint oil garnering larger share of the market. Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco procusts)is witnesing slow down in demand. Prices had been under pressure since March after Yogi Adityanath, the Chief Minister of Uttar Pradesh, has banned paan chewing and gutka or tobacco in all government offices in the state.

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