Menthaoil On MCX Settled Down -1.36% At 1053.6

Menthaoil on MCX settled down -1.36% at 1053.6 tracking weakness in spot demand amid profit booking. Further, higher supplies from major producing regions of Chandausi in Uttar Pradesh too weighed on mentha oil. Stock positions of mentha in MCX accredited warehouses were around 7879 drums which is same in comparison to previous day while in process were 3180 drums, which is 84 drums more against the previous day. Arrivals are moderate in the major spot markets of Uttar Pradesh.

As per the sources, the local demand for mentha from the traders and domestic consuming industries has slightly improved in comparison to previous days. Due to the improving Chinese economy, there is expectation of increase in export demand in coming days which is also giving support to the prices. 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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