Mentha Oil Prices Today: Flat trading has been seen in Mentha Oil for 2 days. Mentha closed at Rs 989.4 per kg on Tuesday. At the same time, on Wednesday, Mentha is moving around 1 rupee and it is trading at a price of 990 rupees. Mentha closed 0.68 percent down at Rs 989.4 on Monday. After a good rally in December, Mentha has seen pressure on most business days of January. However, during this time there has been a business in the realm. Expert says that mentha is slowing due to sudden demand in the spot market. But the current price may give good momentum for the long term.
The mood of the past few days
Mentha flat closed at Rs 989.4 per kg on Tuesday. Mentha closed 0.68 percent down at Rs 989.4 on Monday. Last week, Mentha was strong on Friday and closed 0.3 percent higher at Rs 996.2. On Thursday, it closed at Rs 993.2, up 0.48 percent. On Wednesday, Mentha closed 0.67 percent weaker at Rs 988.5. On Tuesday, it settled at Rs 995.2 with a fall of 0.22 per cent.
How to do short term trading
Ajay Kedia, director of Kedia Advisory, says that today when talking about Mentha, Mentha has support on the downside at Rs 985. If this price breaks, Mentha may weaken to Rs 980.6. At the same time, if this level is broken, it can come to Rs 975.1. On the other hand, there is resistance in Mentha at the price of Rs 994.9. If this price breaks, Mentha can reach Rs 1000.4 and then Rs 1004.8 per kg.
Mentha’s industrial demand
Mentha oil is most used in pharma industry, cosmetic industry, FMCG sector as well as confectionery products. India is the world’s largest mentha oil producer and exporter. The highest yields of mentha oil are in UP. UP accounts for about 80 percent of the total mentha oil production in the country.
In the previous season, mentha oil production was very high. According to market sources, this year, yields can be between 40,000-56,000 tonnes, staying 40 per cent higher. Due to this, the availability of mentha was very high and the prices could not rise much. About 75 percent of mentha oil produced in the country is exported. Therefore, more foreign demand than domestic plays a big role in fixing prices.