MUMBAI (Commodity Online): Mentha oil prices at India?s Multi Commodities Exchange (MCX) were down by 1.40%. Mentha oil for July delivery is now trading around Rs 909-923.30 per kg levels.
Production this year expected higher at more than 60,000 tons against 50,000 tons last year. Higher stock levels could pressurize prices in medium term.
On Thrusday trade, mentha oil rose to a high of 923.30 Rs/kg at 12.01 pm IST and is expected to trade negative in the near term. Support is at 900.10, 899 levels and resistance at 932 & 937, analyst said.
Heavy rains over last few days in UP have adversely affected the harvesting and could also lead to crop damage may impact future prices. We expect MCX mentha oil to trade with bearish bias.
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