Mentha Oil market under long liquidation, open interest drops 5.03%

Mentha oil settled down by -2.46% at 873.2 owing to easing demand from consuming industries in the physical market. Besides, ample stocks position on higher supplies from major producing belts in Uttar Pradesh also put pressure on prices. Mentha oil trading range for the day is 840.7-925.3. 

Mentha oil spot at Sambhal closed at 1017.90 per 1kg. Spot prices is down by Rs.-9.10/-.

Technically market is under long liquidation as market has witnessed drop in open interest by -5.03% to settled at 9196 while prices down -22 rupee, now Mentha oil is getting support at 857 and below same could see a test of 840.7 level, and resistance is now likely to be seen at 899.3, a move above could see prices testing 925.3. 

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