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Mentha Oil Gains After Exports of Agricultural Products Increased 22.1%.
Jan 05, 2022

Mentha Oil yesterday settled up by 2.92% at 1035.1 as support seen after Exports of agricultural and processed food products, promoted by Agricultural and Processed Food Products Export Development Authority (APEDA), increased 22.1 percent to $15.03 billion during the April-November period of the current fiscal. This is against shipments to the tune of $12.31 billion in the year-ago period. Prices got support in the last few weeks as due to crop failure and low recovery of oil, availability of Mentha oil will be low and demand from industries is expected to improve ahead of the winter season.

Speculation is also high that production this year will be lower as compared with last year because of two important factors. The major physical market player expects demand to sluggish for the next few weeks as cash crunch is seen in the spot market, while expectations are high about demand improvement ahead of winter season starts. Firstly damages due to rain in a key area and secondly farmers for the last 2 years were sowing mentha but due to not getting much profit at intervals there had been a shift to other crops also. In the Sambhal spot market, Mentha oil gained by 8 Rupees to end at 1112.2 Rupees per 360 kgs.

Technically market is under short covering as the market has witnessed a drop in open interest by -3.12% to settled at 900 while prices up 29.4 rupees, now Mentha oil is getting support at 1010.5 and below same could see a test of 986 levels, and resistance is now likely to be seen at 1051.7, a move above could see prices testing 1068.4.

Trading Ideas:

# Mentha oil trading range for the day is 986-1068.4.

# In Sambhal spot market, Mentha oil gained by 8 Rupees to end at 1112.2 Rupees per 360 kgs.

# Mentha oil prices gained after exports of agricultural products, increased 22.1 percent to $15.03 billion during the April-November period of the current fiscal.

# Availability of Mentha oil will be low and demand from industries is expected to improve ahead of the winter season.

# Further production this year will be lower as compared with last year because of two important factors.

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