Mentha Oil on MCX settled down by -0.85% at 890.6 driven by sluggish demand from consuming industries at the spot market. Besides, ample stocks position on higher supplies from producing regions also weighed on Mentha Oil prices. Overall sentiments dropped as export and domestic demand are not picking up also as per last months update exports have registered a decline in volume terms. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint product's exports which declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year. Exports of mint products stood at 21,150 tonne in FY16 valued at R2,577.59 crore against 25,750 tonne valued at R2,689.25 crore in FY15.
Mentha Oil spot at Sambhal closed at 1025.80 per 1kg. Spot prices is down by Rs.-5.30/-.Technically market is under long liquidation as market has witnessed drop in open interest by -3.16% to settled at 4628 while prices down -7.6 rupee, now Mentha Oil is getting support at 886.9 and below same could see a test of 883.1 level, and resistance is now likely to be seen at 894.8, a move above could see prices testing 898.9.
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