MCX Zinc likely to trade in a range between 192.5-203.5
MCX Copper may trade in a range between 452.1-471.9
MCX Nickel may trade between 896.3-982.1 levels
MCX Aluminium under fresh buying; Support seen at 157.7
Short covering seen in MCX Cotton
Technically MCX Mentha Oil is getting support at 1650.6 and below same could see a test of 1639.2 level, And resistance is now likely to be seen at 1669.8, a move above could see prices testing 1677.6.
Mentha Oil on MCX settled down by 0.62% at 1661.9 as traders angry with the checking in adulteration, have stopped buying of mentha oil. In two days’ business has suffered a whopping of two crores.
If this is the case, local exporters of menthol products will have to rely entirely on the mandis of other cities. But the good thing is that the shopkeepers and exporters who are purchasing Mentha are continuously communicating in some way.
Both sides want a solution to the latest deadlock. manufacturers of exporters and menthol products say that the adulterous mentha oil is coming in large quantities of markets. Synthetic mentha oil adulteration and some other substances are being mixed in natural mentha oil.
Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users. Arrivals in Sambhal stood at 400 drums compared to 350 drum a day ago while in Barabanki supplies rose to 500 drums from 450 drums a day earlier.
According to preliminary estimates, mentha oil production in 2018-19 would be 40,000-45,000 ton against last year’s production of 35,000 tons. There could be chances of crop damage to certain extend due to unfavourable weather condition.
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. Mentha oil spot at Sambhal closed at 1839.90 per 1kg. Spot prices was down by Rs.24.20/-.
Trading Ideas:
–Mentha Oil trading range for the day is 1639.2-1677.6.
–Mentha Oil spot at Sambhal closed at 1839.90 per 1kg. Spot prices was down by Rs.24.20/-.
–Mentha Oil dropped as traders angry with the checking in adulteration, have stopped buying of mentha oil.
–Bumper crop harvest has been discounted in the market and market is moving upwards on rising demand from end users.
–According to preliminary estimates, mentha oil production in 2018-19 would be 40,000-45,000 ton against last year’s production of 35,000 tons.
Courtesy: Kedia Commodities
Source: Commodityonline.com
