Menthaoil on MCX settled down -2.18% at 940.4 amid reports that carryover stocks are huge against the current consumption level. As per sources, local demand is moderate from both the local industries as well as stockists. The arrivals have slightly increased in the major spot markets of Uttar Pradesh, to meet the existing demand for the produce. Also in recent years the production and consumption of synthetic mentha has increased which has impacted the demand of natural mentha.
As on now stock positions of Mentha in MCX accredited warehouses were around 4499 drums, while in process were 24 drums, both are 24 drums more in comparison to the previous day. Short term outlook remain weak as first of all prices are trading below 980 level mark while the huge carryover stock of mentha oil and also prices trading with weakness leading to a glut with synthetic mint oil garnering larger share of the market.
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