Mentha Oil On MCX Settled Down By -2% At 908.6

Mentha oil on MCX settled down by -2% at 908.6 taking weak cues from physical market. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is same against the last day, while in process were 876 drums, which are 156 drums more against the previous day. As per sources, arrivals of new crop in the spots market have started due to which supply are more in the market.

On the other side, demand from the local buyers and mentha consuming industries is less. However, the recent rainfall and favourable climatic conditions might put pressure on the prices. Mentha key consumption sector (tobacco products) is witnessing less demand due to which it is expected that this sentiment will continue for the mentha. The expectation of good production of mentha during the year has boosted the demand for natural mentha.

The new crop of mentha oil is being sold at 975 and 1,010 rupees per kg in Chandausi and Sambhal, respectively, down about 50-70 rupees in the last two weeks. The daily supply could rise to around 400 drums in the next two weeks. Expectations of higher output in 2017 will further dampen the sentiment moving ahead. Mentha output this year is likely to rise by 10-12% to 36,000 tn, as weather remained largely conducive throughout the season.

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