Mentha Oil Price Today: Mentha Oil After a sustained rise in August futures, there is mild pressure on Thursday. Mentha initially showed momentum, but then some profit recovery is visible. Mentha is trading at a level of Rs 1001 per kg with a weakness of around Rs 3.5 today. Earlier on Wednesday, Mentha closed at Rs 1004.6 per kg with a gain of 0.24 percent. On Tuesday, Mentha settled at a price of Rs 1002.2 per kg with a spurt of 1.89 per cent.
Expert says that after the last few days boom in Mentha, there is a slight profit recovery. However, some more upside is expected. This year, due to the arrival of most of the crops in the market, further supply may be tight. Because after unlocking in most areas, demand is slowly increasing from the industry that uses mentha slowly.
How was Mantha’s move in the past
On Wednesday, Mentha closed at Rs 1004.6 per kg, up 0.24 percent. 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.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has support at Rs 996.8. If this level breaks, Mentha can come at the rate of Rs 988.9 per kg. On the other hand, there is a resistance in Mentha at Rs 1016.8. When this building breaks, Mentha can see a price of Rs 1028.9. For the time being Mentha comes from here at 980 to 985 level, you can buy by making a target of 1020 to 1030.
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 producer and exporter of mentha oil. 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, foreign demand more than domestic plays a big role in fixing prices.