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Mentha oil edges higher in morning deals

Mentha oil NSE 0.75 % was trading marginally in the green in morning deals on account of some demand for the commodity from both domestic and overseas front.

MCX Mentha oil futures were trading 0.06 per cent up at Rs 1723.20 per 1 kg at around 11 am (IST).

According to SMC Global Securities, Mentha oil futures (Sept) is likely to take support near Rs 1,740 levels and the downside may remain capped. Overall, in short-term the trend in still supportive in the wake of lower supply against rising demand. Besides, farmers are also holding back produce, expecting more gains ahead. On the spot markets, the counter is witnessing strong demand from both domestic and overseas fronts amid restricted supplies.

The export demand has been gaining momentum gradually mainly on the back of enquiries from China and Europe.

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