MCX MENTHA OIL NEWS : 11.01.2017
Mentha oil on MCX settled down by -1.87% at 1025.7 driven by fall in demand at the spot market. Moreover, adequate stocks position following higher supply from the producing belts too fuelled the downtrend. 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. 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 Sambhal market arrivals were reported at 60 Drums(1-drum=180kg), up by 10 Drums(1-drum=180kg) from previous trading day. At Bareilly market estimated market supply was at 2 Drums(1-drum-180kg), up by 1 Drums(1-drum-180kg) as against previous day. At Rampur market arrivals were reported at 5 Drums(1-drum=180kg), up by 1 Drums(1-drum=180kg) as compared to previous day. Mentha oil spot at Sambhal closed at 1125.30 per 1kg. Spot prices is down by Rs.-14.90/- .Technically market is under long liquidation as market has witnessed drop in open interest by -2.56% to settled at 3771 while prices down -19.5 rupee, now Menthaoil is getting support at 1013.7 and below same could see a test of 1001.8 level, And resistance is now likely to be seen at 1042.5, a move above could see prices testing 1059.4.
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Mentha oil on MCX settled down by -1.87% at 1025.7 driven by fall in demand at the spot market. Moreover, adequate stocks position following higher supply from the producing belts too fuelled the downtrend. 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. 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 Sambhal market arrivals were reported at 60 Drums(1-drum=180kg), up by 10 Drums(1-drum=180kg) from previous trading day. At Bareilly market estimated market supply was at 2 Drums(1-drum-180kg), up by 1 Drums(1-drum-180kg) as against previous day. At Rampur market arrivals were reported at 5 Drums(1-drum=180kg), up by 1 Drums(1-drum=180kg) as compared to previous day. Mentha oil spot at Sambhal closed at 1125.30 per 1kg. Spot prices is down by Rs.-14.90/- .Technically market is under long liquidation as market has witnessed drop in open interest by -2.56% to settled at 3771 while prices down -19.5 rupee, now Menthaoil is getting support at 1013.7 and below same could see a test of 1001.8 level, And resistance is now likely to be seen at 1042.5, a move above could see prices testing 1059.4.
