Mentha Oil Price Today: Mentha Oil August futures are seeing a spectacular boom on Tuesday. Mentha has become stronger than Rs 15 in business and has reached Rs 999 per kg. 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.
Expert says that mentha fell in a big way this year because despite lower demand, bumper yields were more inward in the market. Now in this season, most of the crops have come in the market. At the same time, industrial demand is also increasing since unlock, due to which Mentha prices are getting support. 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 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 and settled at Rs 978 per kg on Thursday. Mentha closed down 0.8 per cent at Rs 981.5 on Wednesday. On Tuesday, mentha settled at Rs 989.3 per kg, up 0.67 percent. Mentha was up 0.82 per cent on Monday and closed at Rs 982.7 per kg.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has support at Rs 977. If this level breaks, Mentha can come first at Rs 970.5 and then at Rs 964 per kg. On the other hand, Mentha has broken the resistance level of Rs 990, in such a situation, can cross the level of Rs 1000 today. He says that one should shop only when Mentha falls. If Mentha comes back to the level of 980 or 985, then make a purchase by making a target of 1010 to 1020 rupees. Apply a stop loss of Rs 975.
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.