Mentha Oil Rate Today: Due to weak demand in the spot market, there is pressure on mentha oil. On Thursday, Mentha is showing a decline of about Rs 2 in the business and it is trading below the price of Rs 944 per kg. On Wednesday, Mentha had a slight decline of 0.03 per cent and closed at Rs 945.8 per kg. Talking about this month, mentha has been increasing in a limited range between constant fluctuations. The reason behind this is that Mentha’s demand is weak, and the second sentiment is weak because traders are avoiding investing money. Companies like Pharma, Cosmetic and FMCG are expected to receive the demand in the winter. Till then Mentha will remain in the realm.
How to trade in Mentha?
Ajay Kedia, director of Kedia Advisory, says that if we talk today, Mentha has support at the downward price of Rs 943.5. If this price breaks, Mentha can break up to Rs 941.3 and then Rs 939.3. At the same time, there is a resistance at Rs 947.7 upwards. If it breaks the price then it can be strong up to Rs 949.7 and then Rs 951.9. He says that buying in October futures around 940 rupees is advisable. Make a target of Rs 965 in 2 to 3 trading days. For this, apply a stop loss at Rs 930.
Mentha’s Industrial Use
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, foreign demand more than domestic plays a big role in fixing prices.
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