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Mentha Oil market under fresh buying; Support seen at 2769
Commodity Online | October 12 2017
UPDATED 12:13:09 IST

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Resistance seen at 19032 for NCDEX Jeera

Technically Mentha Oil market is under fresh buying as market has witnessed gain in open interest by 6.54% to settled at 2769 while prices up 36.2 rupees.

Now Mentha Oil is getting support at 1230.7 and below same could see a test of 1207.8 levels and resistance is now likely to be seen at 1267.2, a move above could see prices testing 1280.8.

Mentha oil on MCX settled up by 2.97% at 1253.6 driven by surging demand from consuming industries in the spot market. Further, restricted supplies from major producing regions Chandausi in Uttar Pradesh too supported mentha oil prices uptrend.

According to the sources, there has been increase in demand of mentha from local consuming industries as well as stockists which has given boost to the mentha prices. In recent days, arrivals have been average from the spot market of Chandausi which is also giving support to the prices.

Stock positions of mentha in MCX accredited warehouses were around 9896 drums which is 48 drums less in comparison to the previous day, while in process were 108 drums, which is same against the previous day.

Trade sources had anticipated almost similar sowing for current year. Last year, the country had reportedly produced 35000 metric tonnes. This year, traders are expecting a crop size of nearly 25000-30,000 metric tonnes.

Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into a proportionate fall in Mentha oil production this year.

Stock positions of mentha in MCX accredited warehouses were around 10086 drums while in process were 132 drums, both are same against the previous day. Mentha oil spot at Sambhal closed at 1394.10 per 1kg. Spot prices were up by Rs.20.80.

Trading Ideas:
-- Mentha Oil trading range for the day is 1207.8-1280.8.
-- Mentha Oil spot at Sambhal closed at 1394.10 per 1kg. Spot prices was up by Rs.20.80.
-- Mentha Oil prices gained driven by surging demand from consuming industries in the spot market.
--Further, restricted supplies from major producing regions Chandausi in Uttar Pradesh too supported mentha oil prices uptrend.
--Stock positions of Mentha Oil in MCX accredited warehouses were around 10086 drums while in process were 132 drums, both are same against the previous day.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
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