Menthaoil On MCX Settled Down -0.62% At 998.1

Menthaoil on MCX settled down -0.62% at 998.1 on fresh selling after the speculation that sowing activity had been inceresed in key production area. Mentha oil prices also dropped on account of muted demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. The weather looked good and everything seemed fine as of now as farmers are still under stress, as they have already suffered a lot because of demonetization. 

As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year. At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), up by 15 Drums(1-drum-180kg) as compared to previous day. Mentha DMO is offered strong at Rs. 835 per Kg, higher by 1.21 per cent against previous trading day.

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