Mentha oil on MCX settled down by -0.4% at 1021.4 amid sluggish demand from major consuming industries in the domestic spot market. Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices. Total production of mentha oil during the current season is 32,000-34,000 tonnes against preliminary estimates of around 40,000 tonnes. Unfavourable weather conditions during harvesting period led to the drop in production. On the demand side, the seasonal demand emerges during winter season, especially from the pharma sector. At Sambhal market sources reported arrivals at 70 Drums(1-drum=180kg), higher by 20 Drums(1-drum=180kg) from previous trading day. At Rampur market total arrivals are at 4 Drums(1- drum=180kg), higher by 1 Drums(1-drum=180kg) as compared to previous day. At Bareilly market estimated market supply was at 1 Drums(1-drum-180kg), unchanged as compared to previous day’s arrival. At Barabanki market total arrivals are at 100 Drums(1-drum-180kg), unchanged as compared to previous day’s arrival. At Chandausi market , Mentha Oil is trading weak at Rs. 1090 per Kg, lower by 0.91 per cent as against previous day. Mentha DMO is offered lower at Rs. 835 per Kg, down by 1.18 per cent as against previous day. Mentha Flakes at Chandausi market is quoted lower at Rs. 1160 per Kg, down by 0.85 per cent from previous day. Mentha oil spot at Sambhal closed at 1146.60 per 1kg. Spot prices was down by Rs.-5.10-.Technically now Menthaoil is getting support at 1010.3 and below same could see a test of 999.3 level, And resistance is now likely to be seen at 1029, a move above could see prices testing 1036.7.

Trading Ideas

# Menthaoil trading range for the day is 999.3-1036.7.

# Mentha oil spot at Sambhal closed at 1146.60 per 1kg. Spot prices was down by Rs.-5.10-.

# Mentha oil prices dropped amid sluggish demand from major consuming industries in the domestic spot market.

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

# At Sambhal market sources reported arrivals at 70 Drums(1-drum=180kg), higher by 20 Drums(1-drum=180kg) from previous trading day.