Supported by pickup in industrial demand in the spot market, mentha oil prices gained 0.63% to Rs 942.50 per kg in futures trade today as traders built-up of positions.
At the Multi Commodity Exchange, mentha oil for delivery in July month rose Rs 5.90, or 0.63% to Rs 942.50 per kg in business turnover of 396 lots.
In a similar fashion, the oil for delivery in August contracts was trading higher by Rs 5.50, or 0.58% to Rs 958.90 per kg in 209 lots.
Market analysts said the rise in mentha oil at futures trade was mostly attributed pick up in demand from consuming industries in the spot market against restricted arrivals from Chandausi in Uttar Pradesh.
Technically market is under long liquidation as market has witnessed drop in open interest by -3.3% to settled at 6685, now Mentha oil is getting support at 925.8 and below same could see a test of 914.9 level, and resistance is now likely to be seen at 958, a move above could see prices testing 979.3.
At the Multi Commodity Exchange, mentha oil for delivery in July month rose Rs 5.90, or 0.63% to Rs 942.50 per kg in business turnover of 396 lots.
In a similar fashion, the oil for delivery in August contracts was trading higher by Rs 5.50, or 0.58% to Rs 958.90 per kg in 209 lots.
Market analysts said the rise in mentha oil at futures trade was mostly attributed pick up in demand from consuming industries in the spot market against restricted arrivals from Chandausi in Uttar Pradesh.
Technically market is under long liquidation as market has witnessed drop in open interest by -3.3% to settled at 6685, now Mentha oil is getting support at 925.8 and below same could see a test of 914.9 level, and resistance is now likely to be seen at 958, a move above could see prices testing 979.3.
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