Mentha oil settled down by 2.35% at 897.2, trading range 883.3-912.5

Mentha oil settled down by -2.35% at 897.2 on the back of sluggish demand from consuming industries at the domestic spot market. Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too fuelled the downtrend. Though, some losses were capped on expectation of rising demand as winter season demand starts on the export and domestic front. Mentha oil production in India is likely to decline by 20% due to lower plantings of the aromatic herb on falling prices in the last two years. In fact, huge carryover stocks from the previous year coupled with huge capacity built up of synthetic mint, a substitute of mentha oil, also discouraged farmers to bring less area under mentha plant this year. 

Mentha oil spot at Sambhal closed at 1042.40 per 1kg. Spot prices is down by Rs.-13.00/-.Technically market is under long liquidation as market has witnessed drop in open interest by -0.68% to settled at 10509 while prices down -21.6 rupee, now Mentha oil is getting support at 890.2 and below same could see a test of 883.3 level, and resistance is now likely to be seen at 904.8, a move above could see prices testing 912.5.

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