Mentha Oil Price Today, 09 September 2020
Mentha Oil September futures continue to decline. On Tuesday, Mentha settled 0.91 per cent lower and settled at Rs 944.3 per kg. However, some recovery is being seen in Mentha today. Mentha is trading at a price of 948 rupees with a slight increase of 3 rupees. On Monday, Mentha settled at a price of Rs 953, down 2.14 percent. In Mentha, such a decline has been there for the last one week and it has broken down to around 3 per cent in a week.
Why Mentha is falling?
Ajay Kedia, director of Kedia Advisory, says that mentha prices have weakened by 13 percent in the last 3 months and 3 percent in a week.
1. Global data shows that at the international level, the value of the cosmetic and toilet sector has declined. Mentha is used extensively in these sectors. But these days there has been a huge drop in demand from the cosmetic and toiletry sectors. This is a big reason why mentha prices have come down.
2. Mentha is expected to produce bumper again in the new season in India. That is why traders are still avoiding fresh investment.
3. The third big reason is that India has reached second place after America in the cases of Covid 19. Most cases are coming to India in a day. This leads to uncertainty in the market. Due to this also the prices of mentha are going down.
How to trade in a day or two?
Mentha Oil today has support at Rs 936.2. If Mentha breaks this level, it can come first at Rs 928.1 and then at Rs 916.2. On the other hand, Mentha has reservation at the price of 956.2. If this price is broken, Mentha can be strengthened to Rs 968.1 and if it breaks even then Mentha can be strong up to Rs 976.2.
How was Mantha’s move in the past?
On Tuesday, Mentha settled 0.91 per cent lower and settled at Rs 944.3 per kg. 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 weakened by 0.73 per cent to close at Rs 976.5 per kg.
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 producer and exporter of mentha oil. The highest yields of mentha oil are 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.
#Mentha #Oil #Rate #Today #Mentha #Oil #coming #drastically