Home Business Mentha Oil Rate Today: Mentha Oil Below 1290, Can Sell At Fast...

Mentha Oil Rate Today: Mentha Oil Below 1290, Can Sell At Fast Rate?

57
0
menths oil today rate

Mentha Oil Price Today, Mentha Oil Rate in India: Mentha is under mild pressure on Tuesday.

Mentha Oil Price Today Latest News

After gaining momentum on Monday in Mentha Oil, pressure is coming again on Tuesday. On Monday, Mentha settled at a price of Rs 1290.5 per kg, up by 0.88 percent. At the same time, pressure is being seen again in Mentha on Tuesday. Mentha oil is trading at a level of Rs 1286.50 per kg with a weakness of about Rs 4 today. Today it was opened at a price of Rs 1289.40. Expert says that in Mentha, there is less demand in the spot market, and other traders are also avoiding taking freya positions. In such a situation, Mentha’s sentiments remain weak. Even today, there is selling pressure in it. If there is a recovery in prices, we should sell in mentha. Mentha will be supported at the level of 1272.2 at the bottom.

Selling pressure in mentha

Ajay Kedia, director of Kedia Advisory, said that the purchase was seen from lower levels in Mentha on Monday. But today, due to the very weak demand in the spot market of Mentha, pressure is coming again. Overall Mentha’s sentiments still remain weak. Traders are avoiding taking fresh positions. Until Mentha crosses the 1300 level, there will be a fear of a fall. Today, if Mentha comes back around 1290 then it is advisable to recover profits. For this, apply a stop loss at Rs 1300. Today Mentha can be seen in the range of 1272.8 to 1300.8 throughout the day.

Kedia says that if we talk today, there is support at Rs 1281.6 from below. If this price breaks, Mentha may weaken to Rs 1272.8. At the same time, it has strong resistance at the price of Rs 1295.6, if this level breaks, Mentha can go up to the level of 1300.8.

Industrial demand in winter

Every year it is seen that domestic and global demand of mentha oil increases in winter. Apart from the pharma industry, mentha oil is also used by FMCG and cosmetic companies. If exports increase, Mentha prices will get more support due to decrease in stock. Let me tell you, India is the world’s largest mentha oil producer and exporter. Mentha oil production is estimated at 48,000–50,000 tonnes this year. Last year it was between 33,000-35,000 tonnes. According to data from the Central Institute of Medicinal and Aromatic Plants (CIMAP), mentha has been sown heavily by farmers this year. The sowing area has reached about 3 lakh hectares.

LEAVE A REPLY

Please enter your comment!
Please enter your name here