Mentha Oil Prices Today: Mentha oil has once again seen a boom. Investors have been shopping in Mentha since last 3 days. On Friday, Mentha strengthened beyond Rs 5 to cross Rs 984 per kg. On Thursday also it was up by 1.60 percent and it settled at the rate of Rs 979.50 per kg. On Wednesday, Mentha closed 0.11 percent stronger at Rs 974 per kg. After weakening to Rs 950 this month, Mentha has now recovered well. Expert says that mentha is getting support due to improving demand in the spot market. It is expected to improve industrial activity further, due to which Mentha is showing a boom for the mid-term.
Mentha’s move in the last days
On Thursday, mentha was up 1.60 percent and settled at Rs 979.50 per kg. On Wednesday, Mentha closed 0.11 percent stronger at Rs 974 per kg. Mentha lost 0.07 percent on Monday and settled at Rs 972.9 per kg. On Friday, Mentha closed at Rs 973.6, up 0.26 percent. On Thursday, Mentha settled 0.19 per cent weaker and settled at Rs 971.1 per kg.
How to trade in Mentha
According to Ajay Kedia, director of Kedia Advisory, for the next one or two days, support is being seen in Mentha at Rs 973.8. If this price is broken, Mentha can weaken to Rs 969.8. On the other hand, if Mentha breaks the resistance level of Rs 986.9, then it can get faster. He says that if we talk about the long-term, if there is some decline in mentha, then the purchase can be done with a target of Rs 1250 to 1300.
Where does mentha use
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 yield of mentha oil is in UP. UP accounts for about 80 per cent 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, foreign demand more than domestic plays a big role in fixing prices.
