Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.


Stock Analysis, IPO, Mutual Funds, Bonds & More

Mentha oil slips on muted spot demand amid ample supply

Mentha oil is forming a bearish engulfing pattern as bulls fail to hold higher levels.|
Jun 19, 2019, 12.05 PM IST
Mentha Oil

Commodity Summary

NEW DELHI: Mentha oil prices slipped in futures trade on Wednesday as muted demand by consuming industries at spot markets weighed on the commodity.

Speculators trimmed positions in mentha oil futures due to a fall in demand from consuming industries at the spot market against adequate supplies from key producing regions.

Around 11 am, MCX Mentha oil was at Rs 1,322.40 per kg, down by Rs 10.90, or 0.82 per cent.

Market participants said fundamental concerns are causing the prices to remain bearish.

"Muted demand at the spot market amid ample supply in key markets of UP, while at the same time, higher production estimates have taken a toll on prices," said Mustafa Nadeem, CEO, Epic Research.

Technical charts portray an uninspiring picture.

"Mentha oil is forming a bearish engulfing pattern as bulls fail to hold higher levels, with selling around Rs 1,350-1,360. We believe it may remain the same in coming few weeks and mentha oil can slip to lower levels of Rs 1,280-1,290, while Rs 1,350 is now resistance," Nadeem added.

Also Read

Mentha oil falls on weak fundamentals

Mentha oil falls on increase in supply

Mentha oil falls on weak spot demand

Mentha oil futures slip on muted demand

Mentha oil futures decline on weak spot demand

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service