Mentha Oil Price Today: After selling for 2 days, mentha oil is once again being sold. Mentha has weakened by Rs. 12 to Rs. 989 per kg on Thursday. On the first Wednesday also Mentha broke from the upper levels and settled at the rate of Rs 1001 per kg. Expert says that this year Mentha is not able to sustain at the upper levels due to the high arrival in the market. Demand always comes, but the supply is very high. However, the price has become attractive for the short term when the decline. But in the long term, this range is bound to remain. Let us know that this year, the yield is expected to be around 40 percent more than the previous season.
Mentha’s move in the last few days
On Wednesday, Mentha strengthened by 8 rupees to close at Rs 1001. On Tuesday, Mentha strengthened by about Rs 11 to close at Rs 992.7. On Monday, mentha fell by Rs 40 to settle at Rs 981. Mentha settled at the price of 1019 with a fall of 18 rupees on Friday last week. On Thursday, Mentha settled with light recovery at the rate of Rs 1037 per kg. Mentha settled on Wednesday at a price of Rs 1029.50. On Tuesday, Mentha fell as well and settled at Rs 1043.2 per kg. On Monday too, Mentha lost nearly 2.27 percent and settled at Rs 1051.1 per kg.
What to do for short term
Ajay Kedia, director of Kedia Advisory, says that there has been a big drop in mentha due to lockdown this year. This year Mentha has lost 25 percent till Tuesday. During the last 1 week, it has fallen by about 10 percent. At this price, it looks short-term attractive. It is currently trading below 1000 rupees. If it comes back to Rs 980 to 975 then it can be purchased from here. For the next few days, make a target of Rs 1040 in it and walk at a stop loss of Rs 960.
In a matter of two days, Mentha has support at the bottom of Rs 984.3, if this level breaks, Mentha can be weak up to Rs 975.6. On the upside, there is a resistance in Mentha today at Rs 1009.6. If this level is broken, mentha can be strong up to Rs 1018.3 and Rs 1026.6.
Mentha’s Industrial Use
Mentha oil is mostly used in the pharma industry, cosmetics industry, FMCG sector as well as confectionery products. India is the world’s largest producer and exporter of mentha oil. The highest yields of mentha oil are in UP. UP accounts for about 80 percent of the total mentha oil production in the country.
In the previous season, mentha oil production was very high. According to market sources, the yields could be between 40,000-56,000 tonnes this year, up by 40 percent. Due to this, the availability of mentha was very high and the prices could not rise much. About 75 percent of mentha oil produced in the country is exported. Therefore, more foreign demand than domestic plays a big role in fixing prices.