NCDEX Ref.Soya Oil may trade in range between 731-749
NCDEX Soyabean likely to trade in range between 3470-3656
Aluminium market under fresh selling; Support seen at 129.8
MCX Nickel may trade in a range between 765.7-798.3
Zinc market under fresh selling; Support seen at 174.5
Technically MCX Mentha Oil is getting support at 1624.8 and below same could see a test of 1601.5 levels and resistance is now likely to be seen at 1662.7, a move above could see prices testing 1677.3.
Mentha oil on MCX settled down by -0.12% at 1648 on profit booking after prices gained amid surge in demand amid low supply. Export demand of oil and its derivatives in global market is likely to be improved due to recovery in currency which is supportive for prices. Farmers have started preparing to harvest mentha this time in many villages of Saheb Tehsil.
Actually, this time demand was high in the market and availability of Mentha Oil was low. Crop in India also decreased. In such a situation, there was a demand for Mentha Oil in China too. Farmers and businessmen are hoping that this time the harvest of mentha will be more.
Because for a few years the price of Mentha was very low. Since last few years the number has been steady to lower. But in response to decent appreciation in last years’ prices, farmers sowing improved resulting in rise in production prospects.
Therefore, the total availability of oil will rise this year. As of now traders expect a 20-25% rise in sowing versus last year. It should be noted that this year’s production expectation of 38500- 39000 MT remains slightly above the average production of 36,968 MT productions seen in between 2013- 2018.
Further expectations of a significant jump in production over last year is ruled out. Due to improving exports prospects, estimates for ending stocks has been reduced even lower than previous year. Mentha oil spot at Sambhal closed at 1775.10 per 1kg. Spot prices was up by Rs.10.60/-.
Trading Ideas:
–Mentha Oil trading range for the day is 1601.5-1677.3.
–Mentha oil spot at Sambhal closed at 1775.10 per 1kg. Spot prices was up by Rs.10.60/-.
–Mentha oil dropped on proit booking after prices gained amid surge in demand amid low supply.
–Export demand of oil and its derivatives in global market is likely to be improved due to recovery in currency which is supportive for prices.
–Farmers have started preparing to harvest mentha this time in many villages of Saheb Tehsil.
Courtesy: Kedia Commodities
Source: Commodityonline.com
