Mentha oil up by 0.5% on firm demand
- Mentha Oil Prices advanced 0.49% to Rs 722.50 per kg in futures trading today as speculators enlarged positions, driven by increased demand from consuming industries in the spot market.
- At the Multi Commodity Exchange, Mentha oil for delivery in January next year advanced by Rs 3.50, or 0.49% to Rs 722.50 per kg in business turnover of 22 lots.
- Similarly, the oil for delivery in December contract moved up by Rs 3.10, or 0.44% to Rs 711.60 per kg in 128 lots.
- Mentha oil trading range for the day is 696.4-716. And Mentha oil spot is at 808/-. Spot market is up by Rs.8/-.
- Technically market is under short covering as market has witnessed drop in open interest by -1.59% to settled at 7721 while prices up 6.5 rupee.
- Now Menthaoil is getting support at 702.4 and below same could see a test of 696.4 level, and resistance is now likely to be seen at 712.2, a move above could see prices testing 716.
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