MCX MENTHA OIL : 12.01.2017

MCX MENTHA OIL : 12.01.2017


Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040

Mentha oil on MCX settled up by 0.09% at 1026.6 on the back of improved demand at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided prices. 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. This will be another bullish price driver. At Sambhal market sources reported arrivals at 60 Drums(1-drum=180kg), steady as against previous day’s arrival. At Bareilly market arrivals were reported at 1 Drums(1-drum-180kg), lower by 1 Drums(1-drum-180kg) as compared to previous day. At Barabanki market estimated market supply was at 50 Drums(1- drum-180kg), steady as against previous day’s arrival. At Chandausi market , Mentha Oil is trading high at Rs. 1058 per Kg, up by 0.76 per cent from previous day’s price level. Mentha DMO is offered high at Rs. 810 per Kg, higher by 1.25 per cent as against previous day. Mentha oil spot at Sambhal closed at 1124.10 per 1kg. Spot prices is down by Rs.-1.20/-.Technically market is under short covering as market has witnessed drop in open interest by -2.49% to settled at 3677 while prices up 0.9 rupee, now Menthaoil is getting support at 1019.9 and below same could see a test of 1013.1 level, And resistance is now likely to be seen at 1033.7, a move above could see prices testing 1040.7.