Mentha oil prices declined in futures trade on Tuesday after a fall in demand for the commodity by consuming industriesNSE 0.17 % at spot markets.
Speculators cut positions in mentha oil futures as demand from consuming industries slumped amid adequate supplies from key producing regions.
Around 10:35 am, MCX Mentha oil was at Rs 1,240.90 per kg, down by Rs 14, or 1.12 per cent.
The commodity has been in the negative territory due to weak buying demand from consuming industries in the spot market and adequate supplies from key producing regions.
Mentha oil July futures showed correction from the resistance of Rs 1,320 on the daily charts and corrected from the 50-day moving average on the same chart.
MACD on daily chart converging downward and RSI also showing sell signal, now placed at 54.87 levels on the daily chart. Mentha oil July future has important resistances at Rs 1,270 and Rs 1,320 levels, whereas it may take support at Rs 1,224 and Rs 1,170," Tiwari added.
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