Speculators are avoiding fresh positions in mentha oil in the spot market.

Mentha has formed a ‘bearish’ candle while August futures are consolidating in the Rs 1,290-1,315 range.

The commodity future may face strong resistance at Rs 1,340 level.

Speculators raised their bets, driven by an uptick in demand from consuming industries at the spot market.

By the end of this month, mentha oil prices may slip to Rs 1,625 in spot market.

As per market experts, participants trimmed positions amid subdued demand from consuming industries.

Speculators trimmed positions in mentha futures, triggered by muted demand.

Riding on higher demand coupled with restricted arrival from producing regions mentha oil prices rose.

Around 11:15 am, the MCX Mentha oil was trading at Rs 1,598.50 a kg.

Prices of mentha oil have already rallied nearly 2 per cent in the spot market in last five days.

MCX Mentha Oil prices were hovering at Rs 1,796.50 per kg at around 11 am, down 0.91 per cent against its previous close.

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