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Saturday, August 13, 2022

MCX Mentha Oil may trade between 1776.1-1832.5 levels

MCX Nickel may trade between 881.3-914.3 levels

MCX Aluminium likely to move in a range of 144.3-154.5

MCX Cotton under fresh buying; Support seen at 23010

MCX Cardamom under fresh buying; Resistance seen at 1478.4

NCDEX Jeera likely to move in a range of 19210-19710

Technically MCX Mentha Oil is getting support at 1794.3 and below same could see a test of 1776.1 level, And resistance is now likely to be seen at 1822.5, a move above could see prices testing 1832.5.

Mentha Oil on MCX settled up by 3.89% at 1812.5 tracking firmness in spot demand as farmers and stockists have kept their stocks in hopes of an increase in prices. On the other hand, the export demand in the current time is average, but there is hope for an increase in export demand due to reaching the lower level of rupee against the dollar.

The Mentha Kisan Kalyan Samiti in Barabanki has sent a memorandum to the Chief Minister through the District Magistrate and sought the help of mentha farmers for their diagnosis. But due to the lack of government policies regarding mentha and the production of synthetic mentha by Germany, mentha farmer is a victim of bad habit, and farmers’ mindset is getting disrupted by the crop.

Mandi Department, which assumes Mentha as an agricultural product and receives the mandatory duty of one and a half percent, the GST of the same commerce tax department, Mentha crop, is not considered as agricultural product and 15 percent GST is charged.

Due to this double tax, the price of mentha product increases, whereas synthetic mentha is much cheaper, so many companies making mentha products have started using synthetic mentha. Due to which 50 lakh farmers of India who are producing mentha are being affected.

Considering the same misery of Mentha farmers, the committee has demanded to end the mandi duty on Mentha product, reduce GST from 15% to 5% and ban synthetic mentha by giving a memorandum to the Chief Minister. Mentha oil spot at Sambhal closed at 1970.40 per 1kg. Spot prices was up by Rs.65.40/-.

Trading Ideas:
–Mentha Oil trading range for the day is 1776.1-1832.5.
–Mentha Oil spot at Sambhal closed at 1970.40 per 1kg. Spot prices was up by Rs.65.40/-.
–Mentha Oil settled up tracking firmness in spot demand as farmers and stockists have kept their stocks in hopes of an increase in prices.
–The Mentha Kisan Kalyan Samiti in Barabanki has sent a memorandum to the Chief Minister and sought the help of mentha farmers for their diagnosis.
–Due to double tax, the price of mentha increases, whereas synthetic mentha is much cheaper, so many companies have started using synthetic mentha.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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