Mentha Oil Price Today 8, September 2020
Mentha Oil September futures continue to decline. On Monday, Mentha settled at a price of Rs 953, down 2.14 percent. At the same time, today it is down by more than 10 rupees and it has reached the level of 940. There has been such a decline in mentha for the last 3 days. On Friday, Mentha settled at a price of Rs 983.8 per kg, weakening by about Rs 7.5. Experts say that yields are expected to be high again in the new season. At the same time, the demand in the spot market has decreased. Due to these reasons, the pressure on prices has increased. Traders are also waiting for a new crop and are avoiding taking fresh positions.
How was Mantha’s move in the past?
On Monday, Mentha settled at a price of Rs 953, down 2.14 percent. On Friday, Mentha settled at a price of Rs 983.8 per kg, weakening by about Rs 7.5. Mentha gained 0.46 percent on Thursday and settled at the rate of Rs 981 per kg. On Wednesday, Mentha closed 0.73 per cent weaker and closed at Rs 976.5 per kg. On Tuesday, Mentha lost 0.2 per cent to close at Rs 983.7 per kg. Mentha closed 1.86 percent down at Rs 985.7 per kg on Monday.
How to trade in Mentha?
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has broken support levels of Rs 947.1 and Rs 941.2. Further, it may weaken to Rs 931.3. At the same time, it has resistance to Mentha at 962.9. If this level breaks, Mentha can also touch Rs 972.8 and then Rs 978.7. He says that if Mentha picks up, it should be sold.
Where is mentha used?
Mentha oil is mostly used in the pharma industry, cosmetics 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 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, more foreign demand than domestic plays a big role in fixing prices.
Source: www.financialexpress.com
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