Mentha Oil Prices Today: Mentha oil is witnessing a boom. Mentha is doing well in the business of Monday 25 January and has crossed the 975 rupees price. On Friday, Mentha closed at Rs 973.6 with a gain of 0.26 per cent. Recovery is coming to Mentha after continuous pressure on prices last week. Mentha crossed the Rs 1010 price in early January, after which it was sold and prices had come back to the 950 level. Now mentha is gaining momentum due to shopping from lower levels.
Mentha’s move in the last days
Mentha closed at Rs 973.6, up 0.26 percent on Friday. On Thursday, Mentha settled 0.19 per cent weaker and settled at Rs 971.1 per kg. On Wednesday, Mentha had more than 1 percent weakness and it settled at the rate of Rs 962 per kg. On Tuesday, Mentha was down 0.60 per cent to close at Rs 972.1 per kg. On Monday, Mentha was down by about 1 per cent and closed at Rs 977.8 per kg.
How to trade in Mentha
According to Ajay Kedia, director of Kedia Advisory, there was a significant drop in mentha prices in the past. After which shopping is being seen from the lower levels. Still the price looks attractive for a long period. Going forward, the demand in the spot market may show mentha boom. As of now, support is seen in Mentha at Rs 969.8. Mentha Rs 965.9 if this price is broken and it can be weakened to Rs 962.8 if it breaks. At the same time, there is a resistance at Rs 976.8. When this price breaks, Mentha can strengthen to Rs 979.9 and then to Rs 983.8.
Mentha’s industrial demand
Mentha oil is most 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 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, 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.