Mentha Oil Price Today Latest News
Mentha Oil has seen weakness on Thursday. Yesterday it settled at Rs 1281.7 per kg with a weakness of 0.3 per cent. At the same time, selling pressure is visible in Mentha on Friday and it is trading at a level of 1278.80 with a weakness of about 3 rupees. Mentha opened today at a price of Rs 1278.90. Expert says that mentha’s sentiments remain weak. Special demand is not coming from the traders. In such a situation, selling is still being seen in Mentha. It has gone down to 1280. Today it seems to be trading in the realm and it will remain in the range of 1275 to 1290. If Mentha speeds up, it can be sold.
How to make strategy in mentha
Ajay Kedia, director of Kedia Advisory, says that Arrival in Mentha is also weak, even after this there is not much demand in it. In such a situation, Mentha’s sentiments remain weak. Traders are avoiding shopping. Even today there is no movement in the spot market regarding mentha and investors are cautious. Mentha is currently trading below 1280, which may lead to further decline. If we talk about today, if Mentha picks up and the prices come around 1290, then investors should go after recovering profits. Today Mentha can be seen in the range of 1275 to 1390 throughout the day.
Kedia says that if we talk today, there is support at Rs 1278.6 from below. If this price breaks, Mentha may weaken to Rs 1275.4. At the same time, it has resistance at the rate of 1286.5. If this level breaks, Mentha can strengthen up to Rs 1291.2 today.
Where is Mentha used
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.