Mentha oil futures slip on weak demand
: Mentha oil prices slipped in futures trade on Friday on muted demand for the commodity by consuming industriesNSE -0.41 % at the spot markets.
Speculators trimmed positions in mentha futures, triggered by muted demand from consuming industries at the spot market and adequate stocks on higher supplies from the major producing regions.
Around 11:30 am, MCXNSE 1.07 % Mentha oil was at Rs 1,349.80 per kg, down by Rs 5, or 0.37 per cent.
"Mentha is consolidating between Rs 1,360 and Rs 1,320 with a short-term positive bias. Though, it would be crucial to see how long it holds above Rs 1,330 since there has been lacklustre demand at the spot market," said Mustafa Nadeem, CEO, Epic Research.
Mentha oil has been witnessing selling pressure on any rebound since April this year.
Speculators trimmed positions in mentha futures, triggered by muted demand from consuming industries at the spot market and adequate stocks on higher supplies from the major producing regions.
Around 11:30 am, MCXNSE 1.07 % Mentha oil was at Rs 1,349.80 per kg, down by Rs 5, or 0.37 per cent.
"Mentha is consolidating between Rs 1,360 and Rs 1,320 with a short-term positive bias. Though, it would be crucial to see how long it holds above Rs 1,330 since there has been lacklustre demand at the spot market," said Mustafa Nadeem, CEO, Epic Research.
Mentha oil has been witnessing selling pressure on any rebound since April this year.
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com/free-trial
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment