Mentha Oil Price Today: Mentha Oil August futures are seeing a spectacular boom on Wednesday. Mentha has become stronger than Rs 15 in business and has reached Rs 1021 per kg. Earlier on Tuesday, Mentha settled at a price of Rs 1002.2 per kg with a spurt of 1.89 per cent. On Monday, Mentha settled 0.73 percent stronger and settled at Rs 983.6 per kg. Experts say that there are some reasons behind the recent rise in mentha.
One, most of the crop has come in the market this year. Therefore, the supply side is getting support from the prices. On the other hand, industrial demand is also increasing since the unlock. At the same time, Mentha has seen a significant decline this year, so purchases are being made from lower levels. In the short term, it may increase somewhat more. But shopping should be done only when there is a fall.
How was Mantha’s move in the past
On Tuesday, Mentha settled at a price of Rs 1002.2 per kg with a spurt of 1.89 per cent. On Monday, Mentha settled 0.73 percent stronger and settled at Rs 983.6 per kg. On Friday, Mentha settled 0.15 per cent weaker and settled at Rs 976.5 per kg. Mentha settled 0.36 per cent weaker at Rs 978 per kg on Thursday. Mentha closed down 0.8 per cent at Rs 981.5 on Wednesday. Mentha settled at Rs 989.3 per kg on Tuesday with a rise of 0.67 per cent.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has support at Rs 990.4. If this level breaks, Mentha can come first at Rs 978.7 and then at Rs 970.4 per kg. On the other hand, Mentha broke the resistance of 1010.4 and 1018.7. In such a situation, prices can go up to Rs 1030.4 today. He says that one should shop only when Mentha falls. If mentha comes back to 1000 level then make a purchase by making a target of 1030 to 1040 rupees. Apply a stop loss of Rs 980.
Where mentha is used
Mentha oil is most used in pharma industry, cosmetics 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, 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.