Menthaoil On MCX Settled Down -0.13% At 994.5

Menthaoil on MCX settled down -0.13% at 994.5 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 continuous for mentha demand as the key consumption sector (Tobacco products) is witnessing slowdown 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. Now on domestic side traders had estimated earlier total production in the range of 35000-37000 tons for this year, and currently it appears that the average estimate might be reduced to 30000 tons due to lower plantings on falling prices in the last two years.

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