Mentha oil prices fall as spot demand slump
Mentha oil has been under pressure as the demand has been muted for the last few months.
By ETMarkets.com |
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NEW DELHI: Mentha oil prices declined in futures trade on Monday after a fall in demand for the commodity by consuming industries at spot markets.
Speculators cut positions in mentha oil futures as demand from consuming industries slumped amid adequate supplies from key producing regions.
Around 11:30 am, MCX Mentha oil was at Rs 1,283.50 per kg, down by Rs 9.80, or 0.76 per cent.
The commodity has been under pressure as the demand has been muted for the last few months. Analysts see more fall for mentha oil in coming days.
"Mentha faces resistance at 50-days SMA which is placed around Rs 1,305 after a short-term pullback. Mentha can now see a continuation of its bearish trend with a lower target of Rs 1,235," said Mustafa Nadeem, CEO, Epic Research.
Speculators cut positions in mentha oil futures as demand from consuming industries slumped amid adequate supplies from key producing regions.
Around 11:30 am, MCX Mentha oil was at Rs 1,283.50 per kg, down by Rs 9.80, or 0.76 per cent.
The commodity has been under pressure as the demand has been muted for the last few months. Analysts see more fall for mentha oil in coming days.
"Mentha faces resistance at 50-days SMA which is placed around Rs 1,305 after a short-term pullback. Mentha can now see a continuation of its bearish trend with a lower target of Rs 1,235," said Mustafa Nadeem, CEO, Epic Research.
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