Menthaoil on MCX settled down -2.29% at 1004.2 triggered by muted demand at the spot market. Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. Farmers are keeping most of the stocks in their hands. Most buyers are willing to buy at these levels. Since farmers are keeping most of stocks, thus whenever requirement arises, industry people will be purchasing from the farmers. At Sambhal market estimated market supply was at 60 Drums(1-drum=180kg), steady as against previous day's arrival. At Bareilly market total arrivals are at 5 Drums(1-drum-
180kg), unchanged as compared to previous day's arrival. At Barabanki market arrivals were reported at 100 Drums(1-drum-180kg), steady as against previous day's arrival. At Chandausi market sources reported arrivals at 15 Drums(1-drum-180kg), up by 5 Drums(1-drum-180kg) as against previous day. Mentha DMO is offered high at Rs. 855 per Kg, up by 1.79 per cent against previous trading day. Mentha Flakes at Chandausi market is quoted at Rs.
1145 per Kg, unchanged as compared to previous close. At Rampur market total arrivals are at 5 Drums(1-drum=180kg), higher by 1 Drums(1-drum=180kg) as compared to previous day. Technically market is under long liquidation as market has witnessed drop in open interest by -0.99% to settled at 3409 while prices down -23.5 rupee, now Menthaoil is getting support at 992.2 and below same could see a test of 980.1 level, And resistance is now likely to be seen at 1025.2, a move above could see prices testing 1046.1.

Trading Ideas:

Menthaoil trading range for the day is 980.1-1046.1.

Mentha oil spot at Sambhal closed at 1119.60 per 1kg. Spot prices is down by Rs.-10.30/-.

Mentha oil dropped triggered by muted demand at the spot market.

Further, ample stocks position on higher supplies from producing regions of Chandausi in Uttar Pradesh, too influenced mentha oil prices.

Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year.