Mentha Oil Dropped On Profit Booking After Seen Supported On Rising Export Demand
Mentha oil yesterday settled down by -0.06% at 1003.9 on profit booking after seen supported by improving export demand, especially from China. Mentha exports during Apr-Jan 2023, dropped by 13.65 percent to 2,016.77 tonnes as compared to 2,335.63 tonnes exported during Apr-Jan 2022. In January 2023 around 233.21 tonnes of Mentha was exported as against 298.38 tonnes in December 2022 showing a drop of 21.84%. In January 2023 around 233.21 tonnes of Mentha was exported as against 171.07 tonnes in January 2022 showing a rise of 36.32%. Many states have seen gutkha and pan masala bans which have seen a lower demand from the pan masala industry.
The production of Mentha oil was historically high in 2020-21, the area remained almost similar last year but the yields were lower which affected the production. In the current year, production is to fall to around 46,238 MT due to a sharp fall in area and loss in yields following severe summer heat. which will come close to 14% down in the year 20-21. In the Sambhal spot market, Mentha oil dropped by -0.2 Rupees to end at 1176 Rupees per 360 kgs.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -7.15% to settle at 558 while prices are down -0.6 rupees, now Mentha oil is getting support at 1000.4 and below same could see a test of 996.9 levels, and resistance is now likely to be seen at 1008.1, a move above could see prices testing 1012.3.
# Mentha oil trading range for the day is 996.9-1012.3.
# In the Sambhal spot market, Mentha oil dropped by -0.2 Rupees to end at 1176 Rupees per 360 kgs.
# Mentha oil dropped on profit booking after seeing support for improving export demand, especially from China.
# Mentha exports during Apr-Jan 2023, dropped by 13.65 percent to 2,016.77 tonnes
# In January 2023 around 233.21 tonnes were exported against 298.38 tonnes in December 2022 showing a drop of 21.84%.
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