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MCX Mentha Oil under long liquidation; Support seen at 992.8
Commodity Online | March 20 2017
UPDATED 12:19:05 IST

Mentha Oil market under long liquidation; Resistance seen at 1221

Long liquidation seen in MCX Cotton

MCX Aluminium under long liquidation; Support seen at 130

Nickel market under short covering; Support seen at 691.4

Short covering seen in NCDEX Turmeric

Technically Mentha oil market is under long liquidation as market has witnessed drop in open interest by 2.07% to settled at 3128 while prices down 6.2 rupees.

Now MCX Mentha oil is getting support at 992.8 and below same could see a test of 987.5 level, And resistance is now likely to be seen at 1006.1, a move above could see prices testing 1014.1.

Mentha oil on MCX settled down -0.62% at 998.1 on fresh selling after the speculation that sowing activity had been inceresed in key production area. Mentha oil prices also dropped on account of muted demand from major consuming industries in the domestic spot market.

Further, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. The weather looked good and everything seemed fine as of now as farmers are still under stress, as they have already suffered a lot because of demonetization.

As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year.

At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), up by 15 Drums(1-drum-180kg) as compared to previous day. Mentha DMO is offered strong at Rs. 835 per Kg, higher by 1.21 per cent against previous trading day. Mentha Flakes at Chandausi market is quoted firm at Rs. 1175 per Kg, higher by 0.86 per cent as against previous day.

At Sambhal market total arrivals are at 80 Drums(1-drum=180kg), up by 10 Drums(1-drum=180kg) as compared to previous day. At Rampur market sources reported arrivals at 5 Drums(1-drum=180kg), down by 1 Drums(1-drum=180kg) as against previous day.

Trading Ideas:
--Mentha oil trading range for the day is 987.5-1014.1.
--Mentha oil spot at Sambhal closed at 1147.00 per 1kg. Spot prices was down by Rs.-3.30/-.
--Mentha oil dropped on fresh selling after the speculation that sowing activity had been increased in key production area.
--Mentha oil prices also dropped on account of muted demand from major consuming industries in the domestic spot market.
--At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), up by 15 Drums(1-drum-180kg) as compared to previous day.

Courtesy: Kedia Commodities

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