MCX MENTHA OIL NEWS : 09.01.2017
Mentha oil gained on the back of pick-up in demand at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices. Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into a proportionate fall in Mentha oil production this year. However, a pick up in sowing over last couple of weeks have ensured prices falling for the commodity, as low demand further pressurized market sentiments. Traders had estimated earlier that the total production in the range of 35000-37000 tons for this year, and currently it appears that the average estimate might be reduced to 30000 tons due to lower plantings on falling prices in the last two years. At Sambhal market estimated market supply was at 60 Drums(1- drum=180kg), down by 40 Drums(1-drum=180kg) from previous trading day. At Barabanki market arrivals were reported at 80 Drums(1-drum-180kg), lower by 20 Drums(1-drum-180kg) as against previous day. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), unchanged as compared to previous dayn#39;s arrival. At Chandausi market, Mentha Oil is trading at Rs. 1055 per Kg, steady as against previous close. Mentha DMO is offered at Rs. 830 per Kg, unchanged against previous close. Technically market is under fresh buying as market has witnessed gain in open interest by 0.31% to settled at 3897 while prices up 12.6 rupee, now Menthaoil is getting support at 1040 and below same could see a test of 1024.6 level, And resistance is now likely to be seen at 1064.4, a move above could see prices testing 1073.4.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
Mentha oil gained on the back of pick-up in demand at the spot market. Besides, tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also provided support to mentha oil prices. Trade sources estimate that total area under Mentha planting has dropped by 20% to 1.75 lakh ha this season resulting into a proportionate fall in Mentha oil production this year. However, a pick up in sowing over last couple of weeks have ensured prices falling for the commodity, as low demand further pressurized market sentiments. Traders had estimated earlier that the total production in the range of 35000-37000 tons for this year, and currently it appears that the average estimate might be reduced to 30000 tons due to lower plantings on falling prices in the last two years. At Sambhal market estimated market supply was at 60 Drums(1- drum=180kg), down by 40 Drums(1-drum=180kg) from previous trading day. At Barabanki market arrivals were reported at 80 Drums(1-drum-180kg), lower by 20 Drums(1-drum-180kg) as against previous day. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), unchanged as compared to previous dayn#39;s arrival. At Chandausi market, Mentha Oil is trading at Rs. 1055 per Kg, steady as against previous close. Mentha DMO is offered at Rs. 830 per Kg, unchanged against previous close. Technically market is under fresh buying as market has witnessed gain in open interest by 0.31% to settled at 3897 while prices up 12.6 rupee, now Menthaoil is getting support at 1040 and below same could see a test of 1024.6 level, And resistance is now likely to be seen at 1064.4, a move above could see prices testing 1073.4.
