Mentha Oil traded sideways as no strong report emerged from the mandis. Markets are however likely to remain firm as sowing progresses. Rains at this time would be beneficial for the crop sowing. So that needs to be tracked. Demand from pharmaceutical Industries and rise in exports could support the prices at the lower levels. High stocks are keeping uptrend limited.
Reports of current prices being on the lower side along with expected pick up in export and winter season domestic demand in coming weeks could ensure prices find some strong support here.
Higher production and higher stock levels have been keeping sentiments weak for sometime. Domestic pharmaceutical Industries demand are likely to rise in coming weeks
Banning of Gutka in some states continues having negative impact on Mentha Oil demand. Production this year expected higher at more than 60000 tonnes vs ~50000 tonnes last year
Latest reports from Spice Board indicate that for the period AprilDecember last year, exports for Mint value-added products like Oil, Menthol and its crystals rose 94% in volumes at 17,850 tonnes and 39% in value at Rs 2202 Cr w.r.t. same period the previous year.
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