On MCX Settled Down By -2.53% At 900.6

On MCX settled down by -2.53% at 900.6 on diminishing demand in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Stock positions of mentha in MCX accredited warehouses were around 3749 drums which is 48 drums more against the previous day while in process were 0 drums, which is 48 drums less against the last day. 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. Weakness in the mentha price will continue because demand for key consumption sector (Tobacco products) is witnessing slowdown. 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.

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