Mentha Oil Price Today, Mentha Oil Rate in India: There is a sharp decline in mentha on Monday.
Mentha Oil Price Today, 07 September 2020
Mentha Oil September futures are seeing a sharp decline tomorrow and today. On Friday, Mentha settled at a price of Rs 983.8 per kg, weakening by about Rs 7.5. At the same time, even today, it is falling near 11 rupees. Mentha is trading at a price of 963 rupees, after losing about Rs 11. Mentha gained 0.46 percent on Thursday and settled at Rs 981 per kg. Expert says that due to decreased demand in the spot market, pressure on mentha prices has increased. However, faster from lower levels is possible.
How was Mantha’s move in the past
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. On Friday last week, Mentha had a slight gain of 0.18 per cent and closed at Rs 1004.5 per kg.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that the demand for mentha has decreased in the market for the last 2 days. Mentha is expected to have higher yields next season as well. That is why traders are avoiding taking fresh positions. Due to this Mentha has become weak. Today, the first support level of 964.8 has been broken to Mentha. The next support level is 955.9. If it breaks, Mentha can weaken to Rs 946.8. At the same time, it has support for Mentha on 982.8. If this level breaks, Mentha can first touch the level of 991.9 and then Rs 1000.8.
Where is mentha 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 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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