Amidst bargain buying by traders and stockiest at lower levels enabled the mentha oil prices to garner some gains. Prices of mentha oil have been augmented by more than 1% in today's trading.Mentha futures have echoed strong demand in today's trading on the account of sturdy buying by exporters and stockiest. Lower productions in current year, as per market estimates, the production of the mentha oil, is likely to be around 27000-28000 tonnes in the current year, down 30% from the previous year.
Moreover, backwardation of more than 10% between spot and futures market has also witnessed some buying in futures market. In today's trading, Mentha Oil MCX November Contract has been spurted by Rs 6 per kg , quoted at Rs 501per kg.Buying interest was also persisted in spot market. Spot prices have been trading at around Rs 540 per kg with gain of Rs 8 per kg at Chandausi market.
No comments:
Post a Comment