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MCX Menthol Oil likely to move in a range of 1682.2-1749.8
Commodity Online | October 12 2018
UPDATED 10:20:45 IST

MCX Nickel under short covering; Resistance seen at 925

MCX Aluminium likely to move in a range of 146.5-149.9

MCX Cotton under short covering

MCX Cardamom under fresh buying; Resistance seen at 1446.7

NCDEX Jeera under fresh selling; Support seen at 19840

Technically MCX Mentha Oil is getting support at 1695.4 and below same could see a test of 1682.2 level, And resistance is now likely to be seen at 1729.2, a move above could see prices testing 1749.8.

Mentha Oil on MCX settled down by 1.5% at 1708.6 as spot markets are witnessing low demand amid adequate supply which weighed on prices. Low demand outlook in mentha oil in domestic as well as global market due to expectation of recovery in Indian Rupee against the U.S dollar.

Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users. Arrivals in Sambhal stood at 400 drums compared to 350 drum a day ago while in Barabanki supplies rose to 500 drums from 450 drums a day earlier. According to preliminary estimates, mentha oil production in 2018-19 would be 40,000-45,000 ton against last year's production of 35,000 tons.

There could be chances of crop damage to certain extend due to unfavourable weather condition. Mandi Department, which assumes Mantha as an agricultural product and receives the mandatory duty of one and a half percent, the GST of the same commerce tax department, Mentha crop, is not considered as agricultural product and 15 percent GST is charged.

Due to this double tax, the price of mentha product increases, whereas synthetic mentha is much cheaper, so many companies making mentha products have started using synthetic mentha.

Considering the same misery of Mentha farmers, the committee has demanded to end the mandi duty on Mentha product, reduce GST from 15% to 5% and ban synthetic mentha by giving a memorandum to the Chief Minister. Mentha oil spot at Sambhal closed at 1853.50 per 1kg. Spot prices was down by Rs.37.50/-.

Trading Ideas:
--Mentha Oil trading range for the day is 1682.2-1749.8.
--Mentha Oil spot at Sambhal closed at 1853.50 per 1kg. Spot prices was down by Rs.37.50/-.
--Mentha Oil dropped as spot markets are witnessing low demand amid adequate supply which weighed on prices.
--Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users.
--Arrivals in Sambhal stood at 400 drums compared to 350 drum a day ago while in Barabanki supplies rose to 500 drums from 450 drums a day earlier.

Courtesy: Kedia Commodities

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