Mentha oil futures were trading lower during the morning trade in the domestic market on Wednesday as participants remained on the sidelines in the agri-commodity amid subdued physical demand for mentha oil from major consuming industries in the domestic spot market.

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                    Further, trimming of positions by traders in the spot market due to slide in demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions, influenced mentha oil prices at futures trade. At the MCX, mentha oil futures for November 2016 contract were trading at Rs 948 per kg, down by 0.40 per cent after opening at Rs 956, against the previous closing price of Rs 951.80. It touched the intra-day low of Rs 945.50 (at 10:31 hours).

                Trading Ideas

• Menthaoil trading range for the day is 902.3-977.7.
• Mentha oil spot at Sambhal closed at 1038.30 per 1kg. Spot prices is up by Rs.0.80/-. 
• Mentha oil prices gained taking positive cues from spot market on strong demand from consuming industries.
•  Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.
•  India’s mentha oil output was estimated to remain lower this year from 32,000 tonnes produced during last year.