Menthaoil On MCX Settled Down -1.18% At 924

Menthaoil on MCX settled down -1.18% at 924 amid muted demand in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too weighed on mentha oil prices.

Farmers are keeping most of the stocks in their hands. As per market sources, this year it is expected that 15% production might be increased which will have a negative impact on the mentha price.

On the other side, weather condition is also conducive for the coming crop. From supply side, arrivals are increased in the major spot markets of Uttar Pradesh while demand is minimal from local stockists as well as from mentha consuming industries. In recent years the production and consumption of synthetic mentha has increased which is impacting the demand of natural mentha.

As on now stock positions of Mentha in MCX accredited warehouses were around 3709 drums which is 36 drums less in comparison to previous day, while in process was 96 drums, which is 12 drums more against the previous day.

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