NEW DELHI: Mentha oil prices edged up with nominal gains in futures trade on Wednesday.
Around 11 am, MCX Mentha oil was at Rs 1,469 per kg, up by Rs 2, or 0.14 per cent.
Muted demand from consuming industriesNSE 0.80 % at the spot market and adequate stocks on higher supplies from the major producing regions weighed on the prices.
"Mentha (April) has taken a hit in the last few days as prices continue to decline amid abundant supply in the spot market and expectations of a rise in production," said Mustafa Nadeem, CEO, Epic Research.
"The prices are expected to decline further as they have broken a few crucial supports that were established in the last three months. There is support around Rs 1,480-1,470, but with deteriorating long positions and fundamentals pointing to an increase in overall production, any ups ..
Analysts say mentha oil prices may come lower in coming days due to the oversupply of it at the spot market. "We believe the downtrend may continue and prices can slip to Rs 1,410- 1,420 going forward," said Nadeem.
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Source: Economictimes
Source: Economictimes
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