Mentha Oil Prices Today: Weakness is being seen in Mentha Oil on Tuesday, 15 December. Mentha is trading at a price of Rs 958.50 per kg, weakening by about Rs 2.30 today. On Monday, Mentha closed 1.22 per cent higher at Rs 960.8 per kg. Mentha was up 0.52 per cent on Friday last week and settled at Rs 949.2 per kg. Expert says that after yesterday’s rise in mentha, investors have recovered profits from upper levels today. However, demand is expected to increase further, which may increase further. Current prices are attractive for the long term. Talking about the short term, we should wait for the further fall.
How to earn in mentha
Ajay Kedia, director of Kedia Advisory, says that if we talk today, Mentha has support on the downside at Rs 948.6. When this level breaks, Mentha can cost Rs 936.4 per kg, and this level can also come at the rate of Rs 924.7 per kg. On the other hand, Mentha has a resistance at Rs 972.5. When this price breaks, Mentha can first reach 984.2 and then 996.4 per kg.
He says that there has been a significant decline of 24 to 25 percent in mentha this year. This year, mentha has seen weakness due to higher yields and reduced demand due to corona virus. From here, long term prices are attractive. However Mentha will remain rangebound for the short term.
Used in Pharma, Cosmetic, FMCG Sector
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 percent 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, more foreign demand than domestic plays a big role in fixing prices.