Mentha Oil Price Today: Mentha Oil September futures are seeing some recovery tomorrow. Mentha gained 0.46 percent on Thursday and settled at Rs 981 per kg. On Friday too, mentha has a slight uptrend and it is trading strong at Rs 983 per kg. On Wednesday, Mentha closed at Rs 976.5 per kg, down 0.73 per cent. Expert says that shopping at Mentha has returned from lower levels. Recently, there has been some improvement after the demand in the spot market is weak, which has supported the prices. Staying in demand on behalf of the industry, Mentha may gain some more speed.
How was Mantha’s move in the past
Mentha gained 0.46 percent on Thursday and settled at 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 percent to close at Rs 983.7 per kg. Mentha closed 1.86 percent lower 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. On Thursday, mentha weakened about 1.3 per cent and settled at Rs 1002.7 per kg.
How to trade in Mentha
Ajay Kedia, director of Kedia Advisory, says that today, Mentha has support at Rs 970.9. If this level is broken, Mentha may weaken to Rs 960.8. On the other hand, there is a resistance in Mentha at Rs 987.8. If this price breaks, Mentha can see a price of Rs 994.6. Currently, if there is a weakness of 970 rupees from the current level, then for the next one or two days, a target of Rs 1000 can be purchased.
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, foreign demand more than domestic plays a big role in fixing prices.
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