Mentha Oil On MCX Settled Down By -0.31% At 897.8

Mentha oil on MCX settled down by -0.31% at 897.8 taking weak cues from spot market. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the previous day while in process were 48 drums, which is 36 drums more against the last day. According to sources, it is expected that this year production might increase 15%, which will put the pressure on the prices.

In addition to this weather is also supportive for the crop. On the supply side, arrivals are more in the major spots market of Uttar Pradesh while demand is average from the local buyers as well as from menthe consuming industries. Weakness in the mentha price will continue because demand for key consumption sector (Tobacco products) is witnessing slowdown.

As per sources, arrivals have increased in the major spot markets of Uttar Pradesh, which might pressurize the prices. On demand side, traders are expecting that production might increase this year due to which price may go further down and because of this demand is minimal from local stockiest as well as from mentha consuming industries.

Mentha oil spot at Sambhal closed at 1009.90 per 1kg. Spot prices was down by Rs.-9.10/-.Technically market is under fresh selling as market has witnessed gain in open interest by 14.67% to settled at 1946 while prices down -2.8 rupees, now Menthaoil is getting support at 886.6 and below same could see a test of 875.4 level, And resistance is now likely to be seen at 908.4, a move above could see prices testing 919.

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