Mentha Oil News Update By Market Magnify

CALL:- SELL MENTHA OIL AUG BELOW 1132 TARGET 1128-1124-1115 WITH SL 1148.

Mentha oil on MCX settled up by 4% at 1139.5 on lower arrivals in the major spot market of Uttar Pradesh while the demand has improved from mentha consuming industries and local buyers which may support prices in the near-term. According to the sources, arrivals are less in the major physical market of Uttar Pradesh. From demand front, buying activities are more from local stockists as well as from mentha consuming industries.

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Stock positions of mentha in MCX accredited warehouses were around 10484 drums which is 24 drums less in comparison to previous day while in process were 1116 drums, which is 264 drums more against the previous day. Expectations of higher output in 2017 will further dampen the sentiment moving ahead. Mentha output this year is likely to rise by 10-12% to 36,000 tn, as weather remained largely conducive throughout the season.

Mentha oil spot at Sambhal closed at 1297.70 per 1kg. Spot prices was up by Rs.30.90/-.Technically market is under short covering as market has witnessed drop in open interest by -1.27% to settled at 3883 while prices up 43.8 rupees, now Menthaoil is getting support at 1087.3 and below same could see a test of 1035 level, And resistance is now likely to be seen at 1165.7, a move above could see prices testing 1191.8.

                            Trading Ideas

* Menthaoil trading range for the day is 1035-1191.8.

* Mentha oil spot at Sambhal closed at 1297.70 per 1kg. Spot      prices was up by Rs.30.90/-.

* Mentha oil prices gained on lower arrivals in the major spot    market of Uttar Pradesh.

*According to the sources, arrivals are less in the major          physical market of Uttar Pradesh.