MCX MENTHA OIL FALLS BY 0.2% ON SLUGGISH DEMAND

• Mentha oil moved down by 0.25% to Rs 724.10 per kg in futures trading today as speculators reduced their positions amidst subdued demand from consuming industries in the spot market.
• At the Multi Commodity Exchange market, mentha oil for delivery in January next year declined by Rs 1.80, or 0.25%, to Rs 724.10 per kg in a business turnover of 110 lots.
• However, the oil for delivery in December held steady at Rs 713.90 per kg in 552 lots.
• At Technically market is under short covering as market has witnessed drop in open interest by -1.41% to settled at 8307 while prices up 19 rupee.
• Now Menthaoil is getting support at 700.7 and below same could see a test of 687.5 level, and resistance is now likely to be seen at 721.4, a move above could see prices testing 728.9.

Trading Tips:-

• Menthaoil trading range for the day is 687.5-728.9.
• Menthaoil spot is at 800/-. Spot market is up by Rs.15/-.