MCX MENTHA OIL NEWS : 04.01.2017
Mentha oil on MCX settled down by -1.54% at 1052 on profit booking amid downtick in demand in the domestic spot market. Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced 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. Farmers are keeping most of the stocks in their hands. At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), higher by 10 Drums(1-drum-180kg) from previous day’s arrivals. Mentha Flakes at Chandausi market is quoted weak at Rs. 1145 per Kg, down by 0.43 per cent as compared to previous day. At Rampur market arrivals were reported at 6 Drums(1-drum=180kg), higher by 2 Drums(1- drum=180kg) from previous day’s arrivals. At Barabanki market arrivals were reported at 100 Drums(1-drum-180kg), up by 40 Drums(1-drum-180kg) from previous day’s arrivals. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), steady as against previous day’s arrival. Mentha oil spot at Sambhal closed at 1139.70 per 1kg. Spot prices is down by Rs.-12.00/-.Technically now Menthaoil is getting support at 1042.9 and below same could see a test of 1033.9 level, And resistance is now likely to be seen at 1066.2, a move above could see prices testing 1080.5.
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Mentha oil on MCX settled down by -1.54% at 1052 on profit booking amid downtick in demand in the domestic spot market. Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced 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. Farmers are keeping most of the stocks in their hands. At Chandausi market total arrivals are at 20 Drums(1-drum-180kg), higher by 10 Drums(1-drum-180kg) from previous day’s arrivals. Mentha Flakes at Chandausi market is quoted weak at Rs. 1145 per Kg, down by 0.43 per cent as compared to previous day. At Rampur market arrivals were reported at 6 Drums(1-drum=180kg), higher by 2 Drums(1- drum=180kg) from previous day’s arrivals. At Barabanki market arrivals were reported at 100 Drums(1-drum-180kg), up by 40 Drums(1-drum-180kg) from previous day’s arrivals. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), steady as against previous day’s arrival. Mentha oil spot at Sambhal closed at 1139.70 per 1kg. Spot prices is down by Rs.-12.00/-.Technically now Menthaoil is getting support at 1042.9 and below same could see a test of 1033.9 level, And resistance is now likely to be seen at 1066.2, a move above could see prices testing 1080.5.
