Mentha oil futures slip on muted demand

Mentha oil prices declined in futures trade on Tuesday amid weak demand for the commodity by consuming industries and more than adequate supply in the spot market.

Speculators are avoiding fresh positions in mentha oil in the spot market on higher arrivals of the commodity from major producing regions.

On the daily chart, mentha has formed a ‘bearish’ candle while mentha oil September futures are consolidating in the Rs 1,277- Rs 1,300 range.


Romesh Tiwari, Head of Research, Capital Aim, however, said, "Mentha prices may move upward as domestic demand for mentha oil will increase in the forthcoming winter."

Mentha oil September future face short term resistances at Rs 1,277 and Rs 1,300 levels, whereas, it has supports at Rs 1,220 and Rs 1,277 levels.