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Mentha Oil market under fresh buying; Support seen at 1170.4
Commodity Online | August 17 2017
UPDATED 12:05:52 IST

MCX Cotton may trade 18257-18597 levels

Mentha Oil market under short covering; Support seen at 1169.4

MCX Cardamom under short covering

MCX Aluminium under short covering; Support seen at 137

Fresh selling seen in MCX Nickel; Support seen at 677.4

Technically Mentha oil market is under fresh buying as market has witnessed gain in open interest by 2.18% to settled at 3467 while prices up 21.5 rupees.

Now MCX Mentha oil is getting support at 1170.4 and below same could see a test of 1154.1 level, And resistance is now likely to be seen at 1200.6, a move above could see prices testing 1214.5.      

Mentha oil on MCX settled up by 1.85% at 1186.7 amid pick-up in demand from consuming industries at domestic spot market. Stock positions of mentha in MCX accredited warehouses were around 10555 drums which is same in comparison to previous day while in process were 1176 drums, which is 120 drums more against the previous day.

As per sources, India contributes around 80% to the total global mentha oil production. Total global production stood at around 48,000 tonnes, out of which India produces between 30,000-40,000 tonnes. According to estimates, mentha oil production in India for crop year 2016-17 will be around 38,000 tonnes.

Due to tight stock position on fall in arrivals from major producing belts of Chandausi in Uttar Pradesh, mentha prices are getting support for northwards trading. India's mentha oil demand is expected to rise in the coming years mainly from medicines, health products, cosmetics as well as food and beverages and among others.

India has emerged as an export hub for mentha oil and its derivatives in the last few years. Demand for mentha oil is expected to emerge from the European Union, the United Kingdom, Japan, China and Singapore.  Mentha oil spot at Sambhal closed at 1333.50 per 1kg. Spot prices were up by Rs.27.70/-.

Trading Ideas:
--Mentha oil trading range for the day is 1154.1-1214.5.
--Mentha oil spot at Sambhal closed at 1333.50 per 1kg. Spot prices were up by Rs.27.70/-.
--Mentha oil extended gains amid pick-up in demand from consuming industries at domestic spot market.
--Due to tight stock position on fall in arrivals from major producing belts of Chandausi in Uttar Pradesh, mentha prices are getting support.
--Stock positions of mentha in MCX accredited warehouses were around 10555 drums which is same in comparison to previous day while in process were 1176 drums.

Courtesy: Kedia Commodities

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