MUMBAI (Commodity Online): Mentha oil futures gained Friday on firm domestic demand from the pharmaceutical industries.
In MCX mentha oil February contract is trading at Rs.1605.10 per Kg, higher by 1.17 per cent on 15:00 IST against the previous close.
In the morning session the contract traded at a range of Rs.1612.15-1593.50 per Kg. Open interest of the contract is 4376 lots and volume traded is 4733 lots.
Good demand from the International markets and the domestic pharmaceutical Industries was noted. Traders expect an overall Bullish trend to prevail in the markets as arrivals in the mandis remained moderately low.
The trend is likely to remain volatile in the short term as the higher levels too have not been sustainable. But medium term sentiments look positive on an expected pick up in demand in coming weeks.
Withdrawal of additional margins on Buy/Sell side of 5% and removal of special margin on buy side of 10% supported the market sentiments for Mentha Oil. Markets could find support at these levels from an expected rise in export and domestic demand in the coming weeks.
