Mentha oil on MCX settled down by -0.96% at 1045.2 amid easing demand at the spot market. Besides, ample stocks position on increased supplies from major producing belts of Chandausi in Uttar Pradesh, 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. Indian markets had reported higher sowing for current year. 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 due to lower plantings on falling prices in the last two years. At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), up by 10 Drums(1-drum-180kg) from previous trading day. At Bareilly market sources reported arrivals at 1 Drums(1-drum-180kg), down by 4 Drums(1-drum-180kg) from previous day’s arrivals. At Barabanki market sources reported arrivals at 50 Drums(1-drum-180kg), down by 10 Drums(1-drum-180kg) as compared to previous day. Mentha oil spot at Sambhal closed at 1140.20 per 1kg. Spot prices is up by Rs. 6.70/-.Technically market is under long liquidation as market has witnessed drop in open interest by -0.69% to settled at 3870 while prices down -10.1 rupee, now Menthaoil is getting support at 1039.2 and below same could see a test of 1033.2 level, And resistance is now likely to be seen at 1055.1, a move above could see prices testing 1065.
# Menthaoil trading range for the day is 1033.2-1065.
# Mentha oil spot at Sambhal closed at 1140.20 per 1kg. Spot prices is up by Rs. 6.70/-.
# Mentha oil prices dropped amid easing demand at the spot market.
# Besides, ample stocks position on increased supplies from major producing belts of Chandausi in Uttar Pradesh, too added pressure on mentha oil prices.
# Farmers are keeping most of the stocks in their hands, most buyers are willing to buy at these levels.
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