Wednesday 8 April 2015

MENTHA OIL DECLINED 0.9% ON PROFIT-BOOKING

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Mentha oil prices fell by 0.9 per cent to Rs 893.80 per kg in futures trading today amid profit-booking by speculators at prevailing levels and subdued demand.
Further, adequate stock position in the physical market on higher supplies from producing belts put pressure on mentha oil prices.
At the MCX Mentha oil for delivery in April fell by Rs 8.10, or 0.90 per cent, to Rs 893.80 per kg in a business turnover of 537 lots.
Similarly, the oil for delivery in May declined by Rs 6.70, or 0.74 per cent, to Rs 904.70 per kg in 134 lots.
Technically market is under fresh buying as market has witnessed gain in open interest by 1.81% to settled at 6299 while prices up 22.5 rupee, now Menthaoil is getting support at 884.6 and below same could see a test of 867.4 level, And resistance is now likely to be seen at 912.6, a move above could see prices testing 923.4.
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