MUMBAI (Commodity Online): Mentha oil futures shrugged off its previous gains in the initial trading session Friday on the back of profit taking at higher levels, triggered by weak demand in the spot market.

MCX Mentha oil March contract traded at Rs 612.10 a kg, down Re 0.70. The contract had opened the day lower at Rs 612.50 a kg. The contract so far fluctuated between of Rs 612.50- 611.40 a kg.

April contract tad down Re 0.30 at Rs 610 a kg at 10:07 am IST. The contract traded in the range Rs 610- 609.50 a kg. Volumes in the March and April contracts so far have been 12 and 5 lots respectively.

Trade sitting at the comfort of home. Start with a mere 50$

Mentha oil ended down yesterday on profit booking. Absence of fresh cue in physical market also weighed on prices. March contract dropped Rs 3.7 and settled at Rs 612.8 a kg.

The contract made intraday low of Rs 611.2 a kg and high of Rs 617 a kg with the volume of 994 and total open interest for the same contact was at 2711.Now support for the Menthol is seen at 610.3 and below could see a test of 607.9. Resistance is now likely to be seen at 616.1, a move above could see prices testing 619.5.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook