Mentha oil on MCX settled down by -1.03% at 1017.1 on sluggish demand in spot markets. Further, ample stocks position on higher supplies from producing regions, too added pressure on mentha oil 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 Chandausi market estimated market supply was at 10 Drums(1-drum-180kg), unchanged as compared to previous day's arrival. Mentha DMO is offered lower at Rs. 847 per Kg, lower by 0.94 per cent against previous trading day. Mentha Flakes at Chandausi market is quoted weak at Rs. 1130 per Kg, lower by 0.88 per cent as against previous day. At Barabanki market total arrivals are at 100 Drums(1-drum-180kg), unchanged as compared to previous day's arrival. At Sambhal market sources reported arrivals at 60 Drums (1-drum=180kg), steady as against previous day's arrival. Mentha oil spot at Sambhal closed at 1124.70 per 1kg. Spot prices is up by Rs. 3.20/-.Technically market is under fresh selling as market has witnessed gain in open interest by 2.96% to settled at 3513 while prices down -10.6 rupee, now Menthaoil is getting support at 1011.1 and below same could see a test of 1005.2 level, And resistance is now likely to be seen at 1026.9, a move above could see prices testing 1036.8.

Trading Ideas:

Menthaoil trading range for the day is 1005.2-1036.8.

Mentha oil spot at Sambhal closed at 1124.70 per 1kg. Spot prices is up by Rs. 3.20/-.

Mentha oil prices ended with losses on sluggish demand in spot markets.

Further, ample stocks position on higher supplies from producing regions, too added pressure on mentha oil prices.

Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.