Mentha oil on MCX settled down by -0.09% at 1212.3 amid a fall in demand from consuming industries at the spot market. Further, ample stocks position on increased supplies from the major producing belts of Chandausi in Uttar Pradesh too weighed on mentha oil prices. Anticipation of bumper crop harvest and nearing of harvesting season i.e., May month is likely to add negativity to the market. As per preliminary estimates, acreage under mentha crop will rise this year as the farmers are encouraged by higher price in recent past.
Trading Ideas:
* Mentha oil trading range for the day is 1177-1242.6.
* Mentha oil spot at Sambhal closed at 1383.80 per 1kg. Spot prices was down by Rs.-28.10/-.
* Mentha oil prices dropped amid a fall in demand from consuming industries at the spot market.
* Further, ample stocks position on increased supplies from the major producing belts of Chandausi in Uttar Pradesh too weighed.
* As per preliminary estimates, acreage under mentha crop will rise this year as the farmers are encouraged by higher prices.
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