MCX MENTHA OIL UP BY 0.1% ON RISING DEMAND

Mentha oil trading range for the day is 802.8-826.6. MCX Mentha oil remained higher for the second day with prices advancing by 0.08% to Rs 827.10 per kg in futures trading today as speculators enlarged positions on the back of rising demand from consuming industries.
Besides, tight stocks position in the physical market on lower arrivals from producing belts fueled the uptrend.
At the MCX Mentha oil for delivery in April traded higher by 70 paise, or 0.08%, to Rs 827.10 per kg in a business turnover of 74 lots.
Similarly, the oil for delivery in March contracts edged up by 20 paise, or 0.02% to Rs 816.70 per kg in 252 lots.
Technically market is under short covering as market has witnessed drop in open interest by -2.45% to settled at 6533 while prices up 4.9 rupee, now Mentha oil is getting support at 809.7 and below same could see a test of 802.8 level, and resistance is now likely to be seen at 821.6, a move above could see prices testing 826.6.
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