- Mentha oil settled up tracking a firm trend at spot market on rising demand. Now Menthaoil is getting support at 690.3 and below same could see a test of 687.5 level, and resistance is now likely to be seen at 697.6, a move above could see prices testing 702.1.
- Further, tight supplies in the physical market following limited arrivals from the major producing belts too fuelled the uptrend. Range bound trend is noticed in mentha oil even as traders anticipate further fall in rates may be limited at these lower levels.
- winter season approaching the export demand and winter season domestic demand are expected to pick up in the coming few weeks till before Christmas. This is likely to be a strong supporting factor for the prices.
- Technically market is under short covering as market has witnessed drop in open interest by -0.52% to settled at 8345 while prices up 0.2 rupee.
- Menthaoil trading range for the day is 687.5-702.1.
- Menthaoil spot is at 790/-. Spot market is up by Rs.2/-.
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