Mentha oil on MCX settled up by 0.54% at 1032.1 amid rising demand at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also added support to mentha oil prices. As per local sources, during last three weeks around 20 percent arrivals have decreased in the spot markets which will support the mentha prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels. Since farmers are keeping most of stocks, thus whenever requirement arises, industry people will be purchasing from the farmers. At Barabanki market total arrivals are at 60 Drums(1-drum-180kg), higher by 10 Drums(1-drum-180kg) from previous day's arrivals. At Bareilly market arrivals were reported at 1 Drums(1-drum-180kg), steady as against previous day's arrival. At Sambhal market total arrivals are at 70 Drums(1-drum=180kg), up by 10 Drums(1-drum=180kg) from previous trading day. At Rampur market sources reported arrivals at 5 Drums(1-drum=180kg), steady as against previous day's arrival. At Chandausi market , Mentha Oil is trading strong at Rs. 1060 per Kg, up by 0.19 per cent from previous trading day. Mentha oil spot at Sambhal closed at 1125.40 per 1kg. Spot prices is up by Rs. 1.30/-.Technically market is under short covering as market has witnessed drop in open interest by -4.41% to settled at 3515 while prices up 5.5 rupee, now Menthaoil is getting support at 1024.6 and below same could see a test of 1017 level, And resistance is now likely to be seen at 1038.6, a move above could see prices testing 1045.

Trading Ideas:

Menthaoil trading range for the day is 1017-1045.

Mentha oil spot at Sambhal closed at 1125.40 per 1kg. Spot prices is up by Rs. 1.30/-.

Mentha oil ended with gains amid rising demand at the spot market.

As per local sources, during last three weeks around 20 percent arrivals have decreased in the spot markets.

Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also added support to mentha oil prices.