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Mentha Oil market under fresh selling; Resistance seen at 1209.7
Commodity Online | September 14 2017
UPDATED 12:36:51 IST

MCX Mentha Oil expected to trade between 1646.9-1797.5 levels

MCX Aluminium likely to trade in a range between 133.9-136.9

Long liquidation seen in MCX Cotton

MCX Cardamom under long liquidation; Support seen at 1001.3

NCDEX Jeera may move in a range of 20070-20510

Technically Mentha oil market is under fresh selling as market has witnessed gain in open interest by 2.05% to settled at 3329 while prices down 2.7 rupees.

Now MCX Menthaoil is getting support at 1194 and below same could see a test of 1186.7 levels and resistance is now likely to be seen at 1209.7, a move above could see prices testing 1218.1.

Mentha oil on MCX settled down by 0.22% at 1201.2 tracking weakness in spot demand on higher supply. Prices of mentha oil were down on higher supplies from oil producing regions while the demand is sluggish.

Pressure also seen on expectations of higher output this year as weather remained largely conducive throughout the season. 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. Stock positions of mentha in MCX accredited warehouses were around 11163 drums which is 136 drums less in comparison to previous day while in process were 396 drums, which is same against the previous day.

As per the report “Essential Oil- Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020” the global demand of essential oil will increase in the coming years. Global essential oil market is mainly driven by increasing demand from natural and organic care products.

This will boost mentha oil demand, mainly from medicines, health products, cosmetics as well as food and beverages. From export front, the demand for mentha oil will emerge from the European Union, the UK, Japan, the UK, China and Singapore.  Mentha oil spot at Sambhal closed at 1367.10 per 1kg. Spot prices were down by Rs.-2.60/-.

Trading Ideas:
--Mentha oil trading range for the day is 1186.7-1218.1.
--Mentha Oil spot at Sambhal closed at 1367.10 per 1kg. Spot prices were down by Rs.-2.60/-.
--Mentha oil ended with losses tracking weakness in spot demand on higher supply.
--Prices of mentha oil were down on higher supplies from oil producing regions while the demand is sluggish.
--Pressure also seen on expectations of higher output this year as weather remained largely conducive throughout the season.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
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