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Mentha oil gains on lower level buying

Speculators raised bets on mentha futures, driven by some demand from consuming industries at the spot market.

ETMarkets.com|
Aug 19, 2019, 01.26 PM IST
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Commodity Summary
MCX

MENTHAOIL
Mentha oil prices climbed in futures trade on Monday, supported by short-covering at lower levels and a rise in demand by consuming industries at spot markets.

"Mentha is technically in the formation of a rounding bottom pattern as it has been slowly trading in upward momentum. The demand in the spot market has seen some improvement and some long positions are also seen building," says Mustafa Nadeem CEO of Epic Research.

Speculators raised bets on mentha futures, driven by some demand from consuming industries at the spot market.

Around 12:30 am, MCX Mentha Oil traded at Rs 1,332.40 a kg, up by Rs 11. On commodity exchanges, mentha looked strong and the RSI on the daily chart was placed at 65.88 levels on the daily chart on Monday around 12:30 am (IST).

"Mentha is getting support around Rs 1,300. If this level is broken, mentha can rise up to Rs 1,380 while a breach of that will validate a reversal towards the next leg of the bullish rally," Nadeem said.

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