MCX Mentha Oil likely to move in a range of 948.3-986.3
Commodity Online | April 29 2021
UPDATED 10:50:22 IST

NCDEX Turmeric under long liquidation; Support seen at 7602

NCDEX Mustard Seed under fresh buying; Support seen at 7036

MCX Crude Palm Oil under fresh buying; Resistance seen at 1208.2

NCDEX Ref. Soya Oil under fresh buying; Support seen at 1423

NCDEX Soyabean likely to move in a range of 7174-7598

Technically Mentha Oil market is under fresh buying as market has witnessed gain in open interest by 5.88% to settled at 18 while prices up 6.8 rupees.

Now MCX Mentha Oil is getting support at 956.6 and below same could see a test of 948.3 levels, and resistance is now likely to be seen at 975.6, a move above could see prices testing 986.3.

Mentha Oil yesterday settled up by 0.71% at 964.9 on low level buying after prices dropped amid worries of lockdown it is anticipated that there will be slow supply and same with 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. Sowing data is adequate and it is expected that Mentha can hit the market by 15th of June.

Mentha has high demand in the production of cosmetics and confectionery goods but as it is not considered as necessity in present scenerio it is not much in demand. 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. In India, mentha is grown on 3,27,000-3,34,000 hectares, producing about 33,000-35,000 tonnes, accounting for 80 per cent share globally.

With the boom in demand for oil and its derivatives in export markets, mentha production continued to rise until 2010. However, with the entry of synthetic menthol, the demand, price and production of mentha were hit. In Sambhal spot market, Mentha oil gained by 13.5 Rupees to end at 1078.1 Rupees per 360 kgs.

Trading Ideas:
--Mentha Oil trading range for the day is 948.3-986.3.
--In Sambhal spot market, Mentha oil gained  by 13.5 Rupees to end at 1078.1 Rupees per 360 kgs.
--Mentha Oil gained  on low level buying after prices dropped amid worries of lockdown there will be slow demand.
--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

Commodity Arrivals Rate
Mustard Oil 5 17200.00
Ghee NR 42000.00
Coconut Oil 0.1 19000.00
Tamarind Seeds 10 3200.00

More