Mentha oil prices unchanged with positive bias
NEW DELHI: Mentha oil futures moved steady with a positive bias on Tuesday morning.
MCX Mentha futures inched up Rs 3.20, or 0.19 per cent, to Rs 1,684.50 at around 11.15 am.
The bull run of mentha oil futures (August) is likely to get extended towards Rs 1,715-1725 levels due to lower supply and lesser leftover stocks, said SMC Global Securities.
“Even if one considers unaccounted stocks with small traders and growers, the overall carryover stocks may not be more than 1,000 tonnes for 2018-19. Besides, farmers are holding back produce, expecting more gains ahead. This apart, there could also be chances of crop damage to a certain extent due to unfavourable weather conditions,” the brokerage said in its daily commodity report.
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