FREE MENTHA OIL TIPS 29-12-2016
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Mentha oil on MCX settled down by -0.41% at 1038.2 driven by muted demand in the spot market. Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes, which was estimated in June 2016. Unfavourable weather conditions during harvesting period led to the drop in production. On the demand side, the seasonal demand emerges during winter season, especially from the pharma sector. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels. Since farmers are keeping most of stocks, thus whenever requirement arises, industry people will be purchasing from the farmers. At Rampur market total arrivals are at 5 Drums(1-drum=180kg), steady as against previous day’s arrival. At Barabanki market arrivals were reported at 100 Drums(1-drum-180kg), unchanged as compared to previous day’s arrival. At Chandausi market total arrivals are at 10 Drums(1-drum-180kg), down by 5 Drums(1-drum-180kg) as compared to previous day. Mentha DMO is offered strong at Rs. 815 per Kg, higher by 0.62 per cent as compared to previous day. Mentha oil spot at Sambhal closed at 1125.50 per 1kg. Spot prices is down by Rs.-3.10/-.Technically now Menthaoil is getting support at 1030.6 and below same could see a test of 1022.9 level, And resistance is now likely to be seen at 1046.9, a move above could see prices testing 1055.5.