MCX Mentha Oil likely to move in a range of 1016.4-1134.4
Commodity Online | June 24 2021
UPDATED 10:50:02 IST

MCX Mentha Oil likely to move in a range of 947.1-960.7

MCX Aluminium may trade between 202.5-207.7 levels

MCX Nickel likely to move in a range of 1447.1-1483.3

MCX Zinc under long liquidation; Resistance seen at 243.7

MCX Copper under fresh selling; Support seen at 724.4

Technically Mentha Oil market is under fresh buying as market has witnessed gain in open interest by 25.09% to settled at 344 while prices up 41.4 rupees.

Now MCX Mentha Oil is getting support at 1050.8 and below same could see a test of 1016.4 levels, and resistance is now likely to be seen at 1109.8, a move above could see prices testing 1134.4.

Mentha Oil yesterday settled up by 3.97% at 1085.3 due to rain harvesting of menthe crop will be affected and also production get affected.The crop is prone to rain because the leaves of the crop start falling due to waterlogging in the field.

Most of the farmers have planted Mentha crops and this rain is not less than acid for 50 percent of Mentha crop. However upside seen limited as arrivals likely to increase due to favourable weather conditions.

Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days.Overall post-lock-down demand will be likely to improve as demand from the health industry will likely continue also as per CIMAP.

Due to favourable weather condition,the production of mentha in the states has improved and is at much better terms compare to last year.Mentha exhibits important biological activities.

For that reason, it has been used through the years as a remedy for respiratory diseases like bronchitis, sinusitis, tuberculosis, and the common cold. In Sambhal spot market, Mentha oil dropped by 27 Rupees to end at 1103.5 Rupees per 360 kgs.

Trading Ideas:
--Mentha Oil trading range for the day is 1016.4-1134.4.
--In Sambhal spot market, Mentha oil dropped  by -27 Rupees to end at 1103.5 Rupees per 360 kgs.
--Mentha Oil gained due to rain harvesting of menthe crop will be affected and also production get affected.
--Fresh season arrival started as the lock-down started to ease.
--Daily arrivals should gradually pick up to 400-500 drums in next 7-10 days.

Courtesy: Kedia Commodities
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