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Mentha Oil Market Under Short Covering; Support Seen At 1119

ByCommodityOnline
AuthorCommodity Online
Published 14-08-2017, 06:34 pm

Technically Mentha oil market is under short covering as market has witnessed drop in open interest by 1.61% to settled at 3308 while prices up 24.3 rupees.

Now MCX Mentha Oil is getting support at 1119 and below same could see a test of 1103.6 level, And resistance is now likely to be seen at 1144.4, a move above could see prices testing 1154.4.

Mentha oil on MCX settled up 2.19% at 1134.5 tracking firmness in spot demand amid lower arrivals. Arrivals have increased in the major spot markets of Uttar Pradesh. According to the information there is currently not much demand for mentha from the domestic consuming industries as well as stockists.

Stock positions of mentha in MCX accredited warehouses were around 10316 drums which is 74 drums less in comparison to previous day while in process were 1428 drums, which is 24 drums more against the previous day.

Arrivals of mentha oil in the major physical market dropped due to heavy rainfall in some parts of the country. According to the government data, during the initial four months of 2017, the export of mentha oil has increased by 54% to 757 tons compared to 490 tons last year.

During the initial four months of 2017, the export of mentha oil has increased by 54% to 757 tonnes compared to 490 tonnes last year. Expectations of higher output in 2017 will further dampen the sentiment moving ahead. Mentha output this year is likely to rise by 10-12% to 36,000 tn, as weather remained largely conducive throughout the season.

Trading Ideas:
--Mentha Oil trading range for the day is 1103.6-1154.4.
--Mentha oil spot at Sambhal closed at 1280.80 per 1kg. Spot prices were up by Rs.12.90/-.
--Mentha oil ended with gains tracking firmness in spot demand amid lower arrivals.
--Stock positions of mentha in MCX accredited warehouses were around 10316 drums which is 74 drums less in comparison to previous day.
--There is currently not much demand for mentha from the domestic consuming industries as well as stockists.

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