India, April 16 -- Technically Mentha Oil market is under short covering as market has witnessed drop in open interest by 8. 89% to settled at 41 while prices up 1.9 rupees.
Now MCX Mentha Oil is getting support at 957.1 and below same could see a test of 954.6 levels and resistance is now likely to be seen at 962 a move above could see prices testing 964.4.
Mentha Oil yesterday settled flat amid weak demand from cosmetics and toiletries sector in India.The COVID-19 outbreak has had a huge impact on the worldwide economy and has posed a similar influence on the aroma chemicals market.
The market has been faced with the lack of migrant labor supply chain disruptions shutdown of manufacturing activities to name a few.Support also seen on t...