Mentha oil on MCX settled down by -1.03% at 1017.3 on the speculation the area under cultivation can incerese this year resulting good production. 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, Mentha Oil is trading weak at Rs. 1068 per Kg, down by 0.19 per cent from previous day’s price level. Mentha DMO is offered weak at Rs. 810 per Kg, lower by 0.61 per cent against previous trading day. Mentha Flakes at Chandausi market is quoted weak at Rs. 1140 per Kg, lower by 0.44 per cent from previous day’s price level. Mentha Crystal at Chandausi market is offered lower at Rs. 1175 per Kg, lower by 0.42 per cent as compared to previous day. At Sambhal market estimated market supply was at 60 Drums(1-drum=180kg), steady as against previous day’s arrival. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), unchanged as compared to previous day’s arrival. At Barabanki market estimated market supply was at 100 Drums(1-drum-180kg), steady as against previous day’s arrival. Mentha oil spot at Sambhal closed at 1126.40 per 1kg. Spot prices was down by Rs.-0.80/-.Technically now Menthaoil is getting support at 1013 and below same could see a test of 1008.8 level, And resistance is now likely to be seen at 1023.7, a move above could see prices testing 1030.2.

Trading Ideas:

Menthaoil trading range for the day is 1008.8-1030.2.

Mentha oil spot at Sambhal closed at 1126.40 per 1kg. Spot prices was down by Rs.-0.80/-.

Mentha oil dropped on the speculation the area under cultivation can incerese this year resulting good production.

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.