MUMBAI (Commodity Online): Mentha oil futures drowned in the early movement of the trade Monday owing the prevailed bearish sentiments in the spot market.
MCX mentha oil November futures receded to Rs 568 a kg during early hours and quoted down by Rs 4.60 at Rs 568.40 at 10:44 am. The contract fluctuated between Rs 570.90- 561.80 a kg.
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December contract offered at Rs 576.40 a kg, down Rs 3.80. The contract moved between Rs 580- 569.20 a kg at 10:46 am. The volume in the November and December contracts stood at 730 and 598 lots respectively.
Now support for the menthol is seen at 561.50 and below could see a test of 550.00. Resistance is now likely to be seen at 580.70, a move above could see prices testing 588.40.
Mentha oil yesterday recovered sharply as per expectation after opening lower. Yesterdays jump was seen due to rise in spot prices. Traders and exporters also took the active part in trading which supported the prices.
November contract gained Rs 12.2 and settled at Rs 573 a kg. The contract made intraday low of Rs 557.8 a kg and high of Rs 577 a kg.
