Menthaoil trading range for the day is 886.1-938.1. Menthaoil on MCX settled down -1.87% at 906.4 due to muted physical demand from major consuming industries in the domestic spot market.

 Initially, India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year. But, rainfalls later improved overall scenario that got worsened with scorching heat waves in May. Hence, overall mentha oil output for 2016-17 is now revised upwards at 34,000 tonnes.

Exports of mint products stood at 21,150 tonne in FY16 valued at Rs. 2,577.59 crore against 25,750 tonne valued at R2,689.25 crore in FY15. At Sambhal market sources reported arrivals at 125 Drums(1-drum=180kg), lower by 75 Drums(1-drum=180kg) as compared to previous day. 

Technically market is under long liquidation as market has witnessed drop in open interest by -0.18% to settled at 6189 while prices down -17.3 rupee, now Menthaoil is getting support at 896.2 and below same could see a test of 886.1 level, And resistance is now likely to be seen at 922.2, a move above could see prices testing 938.1.  

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