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Mentha oil falls after a slump in spot demand

Around 11:40 am, MCX Mentha oil was at Rs 1,279 per kg, down by Rs 13.70, or 1.06%.

ETMarkets.com|
Jul 18, 2019, 12.24 PM IST
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Mentha
"Mentha oil July future has important resistance at Rs 1,320 and Rs 1,370 levels."

Commodity Summary
MCX

MENTHAOIL
NEW DELHI: Mentha oil prices declined in futures trade on Thursday 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 11:40 am, MCX Mentha oil was at Rs 1,279 per kg, down by Rs 13.70, or 1.06 per cent.

Last week, mentha oil July future started to rebound from lower levels after it tested the support of Rs 1,170 on daily charts. It continued the rise this week till the resistance at Rs 1,280.

"If it manages to sustain above Rs 1,280 on daily charts, traders can buy in mentha oil July futures," said Romesh Tiwari, Head of Research, CapitalAim.

MACD on the daily chart has shown upward crossover and RSI also recovering from lower levels which are now placed at 54.87 levels on the daily chart.

"Mentha oil July future has important resistance at Rs 1,320 and Rs 1,370 levels, whereas, it has support at Rs 1,235 and Rs 1,170 levels," Tiwari added.

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