Menthaoil on MCX settled up 1.6% at 1311.7 amid pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi in Uttar Pradesh. As per the reports the global demand of essential oil will increase in the coming years. This will boost mentha oil demand, mainly from medicines, health products, cosmetics as well as food and beverages.
Stock positions of mentha in MCX accredited warehouses were around 9472 drums which 144 drums more in comparison to previous day, while in process were 192 drums, which is 60 drums less against the previous day. Low arrivals amidst fall in acreage for sowing this year (due to 25% price hike in wheat) will be support for prices in near term.
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Technically Market is under fresh buying as market has witnessed gain in open interest by 5.01% to settled at 3102 while prices up 20.7 rupees, now Menthaoil is getting support at 1292.6 and below same could see a test of 1273.6 level, And resistance is now likely to be seen at 1325, a move above could see prices testing 1338.4.
Trading Ideas
- Menthaoil trading range for the day is 1273.6-1338.4.
- Mentha oil spot at Sambhal closed at 1443.00 per 1kg. Spot prices was up by Rs.24.40/.
- Mentha oil prices gained amid pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi in Uttar Pradesh.
- Stock positions of mentha in MCX accredited warehouses were around 9472 drums which 144 drums more in comparison to previous day.
