Mentha Oil Price Today, Mentha Oil Rate in India: Mentha is lightning fast on Thursday.
Mentha Oil Price Today Latest News
Mentha Oil also fell on Gudhwar and Mentha fell 0.49 per cent to settle at Rs 1229.5. At the same time, light purchase in Mentha on Thursday and it is trading at a price of Rs 1234.20, strengthening by Rs 4.70. At the same time, today it opened at a price of Rs 1230. There has been a big decline in mentha in the last few days, due to which the question is arising in the mind of the investors whether the mentha will gain from the lower levels. Expert says that in the manner in which there is a big decline in mentha, buying from lower levels can be done for short term. Although prices will remain in a range in the coming days, there is little hope of a very high rise in them. Please tell that Mentha has broken more than 20 percent in the last 1 year. Today, Mentha has support at Rs 1223.1 downwards.
Will faster levels come from lower levels?
Ajay Kedia, director of Kedia Advisory, says Mentha’s demand has been very weak this season due to the slowdown, which has led to a significant drop in prices. Mentha broke its critical support level and fell below 1230. Export demand has also come down, adding to the pressure on prices. However, the prices are still at their lower levels, where some short covering can be seen. It is also seen in the market. He says that if the price again comes down to Rs 1230, then the investors should make a purchase by making a target of Rs 1240 for the short term. Talking about the coming days, Mentha will be seen to be trading in the range of 1230 to 1280 in the next few sessions.
Today, there is support in Mentha at the downward price of Rs 1223.1. If this level goes wrong, mentha can fall to Rs 1216.8. At the same time, Mentha has resistance upwards at a price of Rs 1235.7. If this level is broken, mentha can be strong up to Rs 1242.
Generally, domestic and global demand of mentha oil comes in winter, which has been weak this time. This time winter is expected to demand further by prolonging. Apart from the pharma industry, mentha oil is also used by FMCG and cosmetic companies. If exports increase, then Mentha prices will get further 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.