Mentha Oil On MCX Settled Down By -1.78% At 942.1

Mentha oil on MCX settled down by -1.78% at 942.1 on the speculation the area under cultivation can increase this year resulting good production. Pressure also seen amid sluggish demand in the domestic spot market. Further, ample stocks position on higher supplies from producing regions, too influenced mentha oil prices. A better price recovery in mentha oil is expected to boost production of the crop by 12% this year. A large number of small and marginal farmers from Uttar Pradesh, Himachal Pradesh, Haryana and other places sowed mentha in January. India exported 21,150 metric tonnes of mentha and allied products, valued at Rs 2,577.59 crore in FY16, according to the Spices Board of India. 

This was 15.87% in value terms of the total spices exported. 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 products) is witnesing slow down in demand.

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