Mentha Oil Prices Today: Continuation of decline in mentha oil continues. Mentha oil broke down for 3 days and on January 21 it went below Rs 960 per kg. On Wednesday, Mentha had a weakness of more than 1 per cent and settled at Rs 962 per kg. This decline in mentha has been seen this whole week. Earlier on Tuesday, Mentha was down 0.60 per cent and closed at Rs 972.1 per kg. Expert says that industrial demand is weaker than expected. There is no demand in the spot market, traders are cautious. However, from a long-term perspective, the current price looks attractive.
Mentha’s move in the last days
On Wednesday, Mentha had more than 1 percent weakness and it settled at the rate of Rs 962 per kg. On Tuesday, Mentha closed at Rs 972.1 per kg, down about 0 per cent; On Monday, Mentha had lost nearly 1 percent to close at Rs 977.8 per kg. On Friday, mentha was down 0.8 per cent and closed at Rs 986.9 per kg. Mentha settled at Rs 994.8 per kg, up 0.13 percent on Thursday. On Wednesday, Mentha settled at Rs 993.5 with a gain of 0.41 percent.
How to trade in Mentha
According to Ajay Kedia, director of Kedia Advisory, Mentha currently has support at the bottom of Rs 958. If this price breaks, Mentha may weaken to Rs 954.3. If this level is broken, Mentha can be weakened to Rs 948.5. On the other hand, there is resistance in Mentha at a price of Rs 967.9. If this price breaks, Mentha can reach Rs 973.7 per kg. When this level crosses above, mentha can be strong up to Rs 977.6.
Mentha’s industrial demand
Mentha oil is mostly used in the pharma industry, cosmetic industry, FMCG sector as well as confectionery products. India is the world’s largest mentha oil producer and exporter. The highest yield of mentha oil is 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, the yields could be between 40,000-56,000 tonnes this year, up by 40 per cent. 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.