Mentha Oil Price Today 14 September
Mentha Oil is once again seeing pressure in September futures. Mentha is experiencing weakness due to weak demand. Mentha fell 0.2 percent on Friday and closed at Rs 965.4 per kg. At the same time, there is a drop of around Rs 5 and it has come down to Rs 960 per kg. On Thursday, mentha was up 1.48 percent and settled at Rs 967.3 per kg. Expert says that demand in Mentha’s spot market is weak. Because of this there is pressure in it. Although winters are coming, demand may increase in such a situation. But for a few days now the pressure will continue.
Ajay Kedia, director of Kedia Advisory, says that this year Mentha has seen ups and downs since the beginning of the year. Mentha has weakened about 20 per cent this year amid fluctuations. Mentha’s industrial demand is also weak. Mentha is expected to have a bumper yield in the new season in India. That is why traders are still avoiding fresh investment. At the same time, there is uncertainty in the market due to Covid 19. Due to this also the prices of mentha are going down. Industrial demand may arise before the winter season is over.
How to trade in a day or two
Mentha Oil today has support at Rs 960. If Mentha breaks this level, it can come first at Rs 955 and then at Rs 948. On the other hand, Mentha has broken the Resistance of 973. In such a situation, before this rupees 980.6 and if this level is broken, mentha can be strong up to 985.8 rupees. Kedia says that investors should sell around 970 rupees. For this, keep a target of Rs 940. Apply a stop loss at the 985 rates.
Where is mentha used
Mentha oil is most 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 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, foreign demand more than domestic plays a big role in fixing prices.
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