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Mentha Oil market under fresh selling; Support seen at 1829.2
Commodity Online | December 07 2017
UPDATED 12:16:43 IST

MCX Nickel under short covering; Resistance seen at 723.3

Zinc likely to trade in a range between 201.2-207 levels

MCX Cotton under short covering

Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

Technically Mentha Oil market is under fresh selling as market has witnessed gain in open interest by 1.04% to settled at 2033 while prices down 40.7 rupees.

Now MCX Mentha Oil is getting support at 1829.2 and below same could see a test of 1803.9 levels and resistance is now likely to be seen at 1896.7, a move above could see prices testing 1938.9.

Mentha oil on MCX settled down by -2.15% at 1854.5 tracking weakness in spot demand on profit booking after prices rallied to multi year highs the onset of winter the seasonal and export demand of mentha is improving.

Spot markets are witnessing increased supplies as the prices are at multi year highs but the consumption demand is muted at higher price level. Looking into higher prices, the stockists and farmers who are having the stocks are liquidating in the market.

Stock positions of mentha in MCX accredited warehouses were around 8537 drums which is 192 drums less in comparison to the previous day, while in process were 408 drums which is same against the previous day.

Prices also seen supported due to sharp fall in output and higher demand for domestic industries and exports. This year mentha oil output is projected at 25,000-30,000 ton as against 35,000 ton in the previous year due to fall in acreage.

Mentha stood at 175,000 hectare down 20% compared to last year. India exported 5,365 ton mint products during April-June 2017 up from 5,259 ton a year ago, Spices Board data showed. In value term, India's mint export recorded a growth of 8% to Rs 113.1 million, data showed.

Meanwhile, export demand for mentha oil is expected to emerge from the major exporting countries.  Mentha oil spot at Sambhal closed at 2061.20 per 1kg. Spot prices were down by Rs.-30.10/-.

Trading Ideas:
--Mentha Oil trading range for the day is 1803.9-1938.9.
--Mentha oil spot at Sambhal closed at 2061.20 per 1kg. Spot prices were down by Rs.-30.10/-.
--Mentha oil prices ended with losses tracking weakness in spot demand on profit booking after prices rallied to multi year highs.
--Spot markets are witnessing increased supplies as the prices are at multi year highs but the consumption demand is muted at higher price level.
--Looking into higher prices, the stockists and farmers who are having the stocks are liquidating in the market.

Courtesy: Kedia Commodities

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