MCX Mentha Oil likely to move in a range of 949-962.4
Commodity Online | April 08 2021
UPDATED 10:50:18 IST

MCX Mentha Oil likely to move in a range of 953.1-958.1

MCX Aluminium may trade between 181.7-187.9 levels

MCX Nickel likely to move in a range of 1253.1-1284.1

MCX Zinc under fresh buying; Resistance seen at 231.8

MCX Copper under fresh buying; Support seen at 692.1

Technically Mentha Oil market is under fresh selling as market has witnessed gain in open interest by 4.55% to settled at 46 while prices down 2.3 rupees.

Now MCX Mentha Oil is getting support at 952.4 and below same could see a test of 949 levels, and resistance is now likely to be seen at 959.1, a move above could see prices testing 962.4.

Mentha Oil yesterday settled down by 0.24% at 955.9 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 gained by 20.9 Rupees to end at 1082.1 Rupees per 360 kgs.

Trading Ideas:
--Mentha Oil trading range for the day is 949-962.4.
--In Sambhal spot market, Mentha oil gained  by 20.9 Rupees to end at 1082.1 Rupees per 360 kgs.
--Mentha Oil prices dropped 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 global aroma chemicals market is likely to record a steady CAGR of about 4% during the assessment period of 2020-2030.

Courtesy: Kedia Commodities
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