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Mentha Oil Trading Range For The Day Is 534.9-543.7 - Nifty Future Tips
Mentha oil on MCX settled up by 0.98% at 1209.5 supported by rising demand from consuming industries in the spot market. Further, restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also fueled the uptrend. Traders anticipate this year’s production to below 35000 tons this year from good weather. Prospects of improving industrial demand and lower production has strongly supported the market in recent months. Low arrivals amidst fall in acreage for sowing this year (due to 25% price hike in wheat) will be support for prices in near term.
Trading Ideas:
* Menthaoil trading range for the day is 1190.6-1222.4.
* Mentha oil spot at Sambhal closed at 1352.30 per 1kg. Spot prices was up by Rs.6.30/-.
* Mentha oil prices ended with gains supported by rising demand from consuming industries in the spot market.
* Traders anticipate this year’s production to below 35000 tons this year from good weather.
* Prospects of improving industrial demand and lower production has strongly supported the market in recent months.
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