FREE MENTHA OIL TIPS : 03.01.2017
Mentha oil on MCX settled up by 2.16% at 1068.4 amid rise in demand in the domestic spot market. Further, tight stocks position on restricted supplies from major producing regions of Chandausi in Uttar Pradesh, too supported 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. At Chandausi market, estimated market supply was at 10 Drums(1-drum-180kg), down by 5 Drums(1-drum-180kg) as against previous day. Mentha DMO is offered high at Rs. 845 per Kg, higher by 1.81 per cent as against previous day. Mentha Flakes at Chandausi market is quoted firm at Rs. 1150 per Kg, higher by 1.32 per cent from previous day’s price level. At Sambhal market, sources reported arrivals at 60 Drums(1- drum=180kg), steady as against previous day’s arrival. At Barabanki market , total arrivals are at 60 Drums(1-drum-180kg), lower by 10 Drums(1-drum-180kg) as compared to previous day. Mentha oil spot at Sambhal closed at 1151.70 per 1kg. Spot prices is up by Rs.23.70/-.Technically market is under fresh buying as market has witnessed gain in open interest by 7.84% to settled at 4070, now Menthaoil is getting support at 1053.7 and below same could see a test of 1038.9 level, And resistance is now likely to be seen at 1077.6, a move above could see prices testing 1086.7.
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Mentha oil on MCX settled up by 2.16% at 1068.4 amid rise in demand in the domestic spot market. Further, tight stocks position on restricted supplies from major producing regions of Chandausi in Uttar Pradesh, too supported 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. At Chandausi market, estimated market supply was at 10 Drums(1-drum-180kg), down by 5 Drums(1-drum-180kg) as against previous day. Mentha DMO is offered high at Rs. 845 per Kg, higher by 1.81 per cent as against previous day. Mentha Flakes at Chandausi market is quoted firm at Rs. 1150 per Kg, higher by 1.32 per cent from previous day’s price level. At Sambhal market, sources reported arrivals at 60 Drums(1- drum=180kg), steady as against previous day’s arrival. At Barabanki market , total arrivals are at 60 Drums(1-drum-180kg), lower by 10 Drums(1-drum-180kg) as compared to previous day. Mentha oil spot at Sambhal closed at 1151.70 per 1kg. Spot prices is up by Rs.23.70/-.Technically market is under fresh buying as market has witnessed gain in open interest by 7.84% to settled at 4070, now Menthaoil is getting support at 1053.7 and below same could see a test of 1038.9 level, And resistance is now likely to be seen at 1077.6, a move above could see prices testing 1086.7.
