MCX Mentha Oil likely to move in a range of 1188.5 1219.9
India, Oct. 18 -- Technically Mentha Oil market is under short covering as market has witnessed drop in open interest by 8. 36% to settled at 1008 while prices up 13.5 rupees.Now MCX Mentha Oil is getting support at 1198.4 and below same could see a test of 1188.5 levels and resistance is now likely to be seen at 1214.1 a move above could see prices testing 1219.9.Mentha Oil on MCX settled up by 1.13% at 1208.3 as low level buying seen as demand season starts. As per Central Institute of Medicinal and Aromatic Plants (CIMAP) mentha sowing touched 3 lakh ha. Sowing witnessed a huge jump this year because of high returns farmers experienced the whole of last year.The surge in output is likely due to buoyancy in planting intentions not only in...
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