Weakness in Mentha Oil continues. On Wednesday, Mentha Oil's June futures on MCX received a softening of 0.35 per cent or 4.5 rupees. May futures were also trading with weakness.
In May futures of Mentha Oil, in reality, now traders taking delivery only are doing business, because of this, experts are now talking about paying attention on adopting a trade strategy according to futures prices.
Since May 20, there has been an increase in Mentha Oil, due to the increase in the productive area, pressure on Mentha Oil has increased. On the other hand, Mentha Oil's exports have had an impact. The trade war between China and the United States has also affected the consumption of mentha.
Ajay Kedia of Kedia Commodities said, "Mentha Oil's Fundamentals are looking weak, due to this, mentha oil target of 1220 rupees for sale, sale price of Rs 1290 and stop loss 1320 is advised."
This year, farmers have sown metha extensively. Due to this, production is expected to increase by 30-40%. In this way Mentha oil prices are showing signs of softness further. Mentha is the most used in confectionary products, along with medicines, beauty products, toothpaste. India is the world's largest mentha oil producer and exporter.
Mentha Oil's highest yield is in UP. UP's share in the production of total mentha oil in the country is about 80 percent. The districts of Western UP are Sambhal, Rampur, Chandausi Mentha, which are major areas of production, while Barabanki district is also the main producing area of Mentha Oil near Lucknow.
In May futures of Mentha Oil, in reality, now traders taking delivery only are doing business, because of this, experts are now talking about paying attention on adopting a trade strategy according to futures prices.
Since May 20, there has been an increase in Mentha Oil, due to the increase in the productive area, pressure on Mentha Oil has increased. On the other hand, Mentha Oil's exports have had an impact. The trade war between China and the United States has also affected the consumption of mentha.
Ajay Kedia of Kedia Commodities said, "Mentha Oil's Fundamentals are looking weak, due to this, mentha oil target of 1220 rupees for sale, sale price of Rs 1290 and stop loss 1320 is advised."
This year, farmers have sown metha extensively. Due to this, production is expected to increase by 30-40%. In this way Mentha oil prices are showing signs of softness further. Mentha is the most used in confectionary products, along with medicines, beauty products, toothpaste. India is the world's largest mentha oil producer and exporter.
Mentha Oil's highest yield is in UP. UP's share in the production of total mentha oil in the country is about 80 percent. The districts of Western UP are Sambhal, Rampur, Chandausi Mentha, which are major areas of production, while Barabanki district is also the main producing area of Mentha Oil near Lucknow.
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