Sluggish demand drags down mentha oil futures by 0.68%
Mentha oil futures were trading lower during morning trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the agri-commodity amid sluggish physical demand for mentha oil from major consuming industries in the domestic spot market.
At the MCX, mentha oil futures for March 2017 contract is trading at Rs 1019.50 per kg, down by 0.68 per cent, after opening at Rs 1026, against the previous closing price of Rs 1026.50. It touched the intra-day low of Rs 1016.
Trading Ideas
Menthaoil trading range for the day is 1014.8-1042.4.
Mentha oil spot at Sambhal closed at 1154.50 per 1kg. Spot prices was down by Rs.-7.00/-.
Mentha oil ended with losses tracking muted demand from consuming industries at the spot market.
Further, higher supplies from major producing belts of Chandausi in Uttar Pradesh also fuelled the downtrend.
At Chandausi market arrivals were reported at 25 Drums(1-drum-180kg), up by 10 Drums(1-drum-180kg) from previous trading day.
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