Mentha oil declines on weak spot demand

Mentha oil prices declined in futures trade on Thursday on limited buying at the spot market.

Speculators can roll over positions in mentha oil futures due to a slump in demand from consuming industries at the spot market on account of higher plantation and excess rain in major producing regions.


Mentha has formed a ‘Bearish’ candle on a technical chart. Mentha oil August futures are consolidating in a range between Rs 1,290-1,315 levels.

“MACD on the daily chart is showing a sell signal and RSI also looking weak which is now placed at 53.87 levels on the daily chart at around 10:15 am on Thursday,” said Romesh Tiwari, Head of Research, Capital Aim.

“Considering a range-bound movement in mentha oil, traders should trade cautiously for the next week.” Tiwari said.

At 12.30 am, mentha oil prices were trading at Rs 1,298.90 a kg, down by Rs 8.50 or 0.72 per cent.