MCX Mentha Oil likely to move in a range of 947.5-960.9
Commodity Online | April 22 2021
UPDATED 10:50:52 IST

MCX Mentha Oil likely to move in a range of 963.8-981.4

MCX Aluminium may trade between 197-207 levels

MCX Nickel likely to move in a range of 1304.7-1343.7

MCX Zinc under fresh buying; Resistance seen at 237.8

MCX Copper under fresh buying; Support seen at 790.6

Technically Mentha Oil market is under fresh selling as market has witnessed gain in open interest by 2.08% to settled at 49 while prices down 2.8 rupees.

Now MCX Mentha Oil is getting support at 959.3 and below same could see a test of 957.2 levels, and resistance is now likely to be seen at 964.2, a move above could see prices testing 967.

Mentha Oil yesterday settled down by 0.29% at 961.4 amid weak demand from cosmetics and toiletries sector in India.

The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market.The market has been faced with the lack of migrant labor, supply chain disruptions, shutdown of manufacturing activities, to name a few.

Support also seen on the expectation that India’s fragrance industry which had been slow, now slowly gaining the positive momentum post the COVID unlock down.

Headed towards a new decade, the fragrance industry has received a much needed boost with the acceptance of trendy dhoop sticks and dhoop cones which has seen an increased 20% demand day by day.

The global aroma chemicals market is likely to record a steady CAGR of about 4% during the assessment period of 2020-2030. Growing demand for aroma chemicals in the food & beverage and fragrance industry will underpin the growth of the market.

Strict regulations in relation to artificial flavours are complimenting to the expansion of natural aroma chemicals in the food sector. Out of India's total mentha oil exports, nearly 55% goes to China while 16% goes to the US and around 5% goes to Singapore. In Sambhal spot market, Mentha oil dropped by 1.6 Rupees to end at 1068.9 Rupees per 360 kgs.

Trading Ideas:
--Mentha Oil trading range for the day is 947.5-960.9.
--In Sambhal spot market, Mentha oil dropped  by -1.6 Rupees to end at 1068.9 Rupees per 360 kgs.
--Mentha Oil settled down amid worries of lockdown there will be slow demand in domestic as well as in the international market.
--Due to favourable wheather condition,the production of mentha in the states has improved and is at much better terms compare to last year.
--The COVID-19 outbreak has had a huge impact on the worldwide economy, and has posed a similar influence on the aroma chemicals market.

Courtesy: Kedia Commodities
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