Extending gains for the second straight day, mentha oil prices rose further by 0.97 per cent to Rs 928.40 per kg in futures trade today as speculators indulged in enlarging positions, taking positive from spot market on rising demand from consuming industries.
Further, restricted supplies from Chandausi in Uttar Pradesh too fuelled the uptrend.
At the MCX Mentha oil for delivery in May month advanced by Rs 8.90, or 0.97 per cent to Rs 928.40 per kg in business turnover of 400 lots.
Similarly, the oil for delivery in June contracts gained Rs 8.50, or 0.91 per cent to Rs 942.60 per kg in 80 lots.
Farmers are preparing field for new crop in major regions of Uttar Pradesh, Bihar and Haryana. As per sources, this year Mentha acreage is likely to down by around 10-15% from last year in Uttar Pradesh. Technically market is under long liquidation as market has witnessed drop in open interest by -4.08% to settled at 7289 while prices down -28.3 rupee, now Menthaoil is getting support at 902.3 and below same could see a test of 885 level, and resistance is now likely to be seen at 950.7, a move above could see prices testing 981.8.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStras also ave-liable on Twitter , linkedin and facebook .Get real time advice for Agri Commodity Tips , Commodity free tips , Commodity intraday tips , commodity free tips and all market updates. For 2 Days Free Trial, please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
Further, restricted supplies from Chandausi in Uttar Pradesh too fuelled the uptrend.
At the MCX Mentha oil for delivery in May month advanced by Rs 8.90, or 0.97 per cent to Rs 928.40 per kg in business turnover of 400 lots.
Similarly, the oil for delivery in June contracts gained Rs 8.50, or 0.91 per cent to Rs 942.60 per kg in 80 lots.
Farmers are preparing field for new crop in major regions of Uttar Pradesh, Bihar and Haryana. As per sources, this year Mentha acreage is likely to down by around 10-15% from last year in Uttar Pradesh. Technically market is under long liquidation as market has witnessed drop in open interest by -4.08% to settled at 7289 while prices down -28.3 rupee, now Menthaoil is getting support at 902.3 and below same could see a test of 885 level, and resistance is now likely to be seen at 950.7, a move above could see prices testing 981.8.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStras also ave-liable on Twitter , linkedin and facebook .Get real time advice for Agri Commodity Tips , Commodity free tips , Commodity intraday tips , commodity free tips and all market updates. For 2 Days Free Trial, please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
nice mentha oil percentage has been given by you......
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