FREE COMMODITY MENTHAOIL NEWS 02-01-17
Menthaoil on MCX settled up 0.24% at 1045.8 amid pick-up in demand in the domestic spot market. However, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh, capped some gains. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint product's exports which declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year. Exports of mint products stood at 21,150 tonne in FY16 valued at RS. 2,577.59 crore against 25,750 tonne valued at RS. 2,689.25 crore in FY15. 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. 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. At Chandausi market arrivals were reported at 15 Drums (1-drum-180kg), higher by 5 Drums(1-drum-180kg) as compared to previous day. At Sambhal market estimated market supply was at 70 Drums (1-drum=180kg), higher by 10 Drums (1-drum=180kg) as against previous day.. At Barabanki market, sources reported arrivals at 80 Drums (1-drum-180kg), up by 10 Drums(1-drum-180kg) from previous trading day. Technically market is under fresh buying as market has witnessed gain in open interest by 2.67% to settled at 3774 while prices up 2.5 rupee, now Menthaoil is getting support at 1038 and below same could see a test of 1030.1 level, And resistance is now likely to be seen at 1052.5, a move above could see prices testing 1059.1.
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of total exports last year. Farmers are keeping most of the stocks in their hands. 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. At Chandausi market arrivals were reported at 15 Drums (1-drum-180kg), higher by 5 Drums(1-drum-180kg) as compared to previous day. At Sambhal market estimated market supply was at 70 Drums (1-drum=180kg), higher by 10 Drums (1-drum=180kg) as against previous day.. At Barabanki market, sources reported arrivals at 80 Drums (1-drum-180kg), up by 10 Drums(1-drum-180kg) from previous trading day. Technically market is under fresh buying as market has witnessed gain in open interest by 2.67% to settled at 3774 while prices up 2.5 rupee, now Menthaoil is getting support at 1038 and below same could see a test of 1030.1 level, And resistance is now likely to be seen at 1052.5, a move above could see prices testing 1059.1.
