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Mentha oil futures climb on raised spot demand
NEW DELHI: Mentha oil prices moved up slightly in futures trade on Thursday on raised demand coupled with restricted arrival from producing regions.
Around 11:20 am, MCX Mentha oil was at Rs 1,665 per kg, up by Rs 5.10, or 0.31 per cent.
Speculators raised their bets in the wake of higher demand from consuming industries at the spot market against limited supplies from key producing regions.
As per the brokerage Geojit Financial Services, the bounce seen in mentha oil, after taking support near Rs 1,634, could stretch if the resistance of Rs 1,680 is breached convincingly. However, a direct fall below Rs 1,630 may call for intraday weakness.