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04-Apr2018

Mentha oil futures trade higher on strong demand

Mentha oil futures traded higher on MCX as speculators raised their bets amid strong demand from consuming industries in the domestic spot market. Besides, tight stocks position on restricted supplies from Chandausi in Uttar Pradesh too supported Mentha oil prices' uptrend. Prices also seen supported amid speculation in the market that government can rethink to introduce an Environmental Tax on Synthetic Mentha. This year prices has rallied almost 1120 rupees i.e by almost 129 percent, this will attract producer of Synthetic Mentha to increase their supply in Indian market.

The contract for April delivery was trading at Rs 1447.00, up by 1.49% or Rs 21.30 from its previous closing of Rs 1425.70. The open interest of the contract stood at 1241 lots.

The contract for May delivery was trading at Rs 1328.60, up by 1.4% or Rs 18.40 from its previous closing of Rs 1310.20. The open interest of the contract stood at 539 lots on MCX.


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