Mentha Oil Price Today: Mentha Oil has seen a slight weakness in August futures on Friday. On Friday, Mentha settled 0.15 per cent weaker and settled at Rs 976.5 per kg. On the other hand, Mentha is seeing a boom on Monday and it is trading strong at about Rs. 6.50 per kg. Earlier on Thursday, it settled at Rs 978 per kg, weakening by 0.36 per cent. Expert says that due to increasing demand in the spot market, mentha is seeing a boom again today. He says that in the short term, there may be some more boom because most of the crops have come in the market this season. In such a situation, prices can be supported. However, in the long term, there is not much hope for fast.
How was Mantha’s move in the past
On Friday, Mentha settled 0.15 per cent weaker and settled at Rs 976.5 per kg. Mentha settled 0.36 per cent weaker and settled at Rs 978 per kg on Thursday. Mentha closed down 0.8 per cent at Rs 981.5 on Wednesday. On Tuesday, mentha settled at Rs 989.3 per kg, up 0.67 percent. Mentha was up 0.82 per cent on Monday and closed at Rs 982.7 per kg. Mentha was up 0.34 percent on Friday and closed at Rs 974.7 per kg.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has support at Rs 971.1. If this level breaks, Mentha can come first at Rs 965.7 and then at Rs 958.3 per kg. On the other hand, Mentha has resistance at Rs 983.9. When this level breaks, Mentha can reach Rs 991.3 and then Rs 996.7. He says that one should shop only when Mentha falls.
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 producer and exporter of mentha oil. 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 per cent of mentha oil produced in the country is exported. Therefore, foreign demand more than domestic plays a big role in fixing prices.