Mentha Oil On MCX Settled Up By 3.1% At 935.6



Mentha oil on MCX settled up by 3.1% at 935.6 on short covering amid uptick in demand in the domestic spot market. Further, tight stocks position on restricted supplies from major producing belts of Chandausi in Uttar Pradesh, too supported mentha oil prices. Since some days prices remained under pressure amid of reports that carryover stocks are huge against the current consumption level, while the stocks is also been sufficient. Sentimental weakness will continious for mentha demand as the key consumption sector (Tobacco products) 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. Later, a statement said that paan and tobacco products will also be banned in schools, colleges and hospitals.

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