NEW DELHI:
Mentha oil prices climbed in futures trade on Monday, supported by a rise in
demand by consuming
industries at spot markets.
Speculators raised positions in
mentha oil futures due to an uptick in demand from consuming industries at the
spot market against limited supplies from key producing regions.
Around 12 pm, MCX Mentha oil was at Rs 1,279.90 per kg, up by Rs 20.50, or 1.63 per cent.
"Mentha oil prices slipped below Rs 1,300 as the consolidation between Rs 1,350-1,320 was a distribution. The demand still seems muted while the
supply side is comfortable in key spot markets and that is reflected in prices as well," said Mustafa Nadeem, CEO, Epic Research.
The commodity has broken key support at Rs 1300 and may slip further in coming sessions.
"With recent breakdown, we believe prices can now slip further lower to levels of Rs 1,240-1,210 in coming days," Nadeem said.