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Global demand too is expected to rise at these lower levels in coming weeks. The undertone was mixed in the physical markets as participants were unable to receive adequate inputs for price discovery. As per market sources, the overall production is still 70% lower from the previous year of 50,000 tons. Traders had estimated earlier that the total production in the range of 35000-37000 tons for this year, and currently it appears that the average estimate might be reduced to 30000 tons. 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.
Trading Ideas:
Menthaoil trading range for the day is 877-893.4.
Mentha oil spot at Sambhal closed at 1033.30 per 1kg. Spot prices is remain unchangeby Rs.0.00/-.
Mentha oil prices gained supported by improved demand from consuming industries in the spot market.
Further, tight stocks position on restricted supplies from Chandausi in Uttar Pradesh, too supported the upside.
Global demand too is expected to rise at these lower levels in coming weeks.
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