MCX MENTHA OIL RISEN BY 0.4%

MCX MENTHA OIL PRICES advanced by 0.44% to Rs 756.20 per kg in futures trading today as speculators enlarged positions amid strong demand from consuming industries in the spot market.
At the Multi Commodity Exchange, Mentha oil for delivery in February moved up by Rs 3.30, or 0.44%, to Rs 756.20 per kg in a business turnover of 218 lots.
The oil for delivery in March gained Rs 3.10, or 0.41%, to Rs 766.30 per kg in 441 lots.
Mentha oil production is expected to fall this year by 30 per cent to 40,000 tonnes from 55,000 tonnes a year ago. Prices had been in corrective mode since last 3years after Govt stated banning of Gutkha in some states which continues having negative impact on Mentha Oil demand.
Now Mentha oil is getting support at 757.7 and below same could see a test of 752.1 level, and resistance is now likely to be seen at 767.2, a move above could see prices testing 771.1.

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