Mentha oil may touch 1000 amid hefty demand
Sunday, 10 October 2010
AHMEDABAD, Oct 9 (Commodity Online): Mentha oil prices zoomed up today on account of heavy buying in the market. The prices hit four per cent upper circuit in the morning trades.
Reports of low arrivals and prospects of rising demand are expected to support the prices in near future. Overall trend is expected to remain bullish in the short term with intermittent profit booking.
"Technically, Mentha oil is expected to go up further in next couple of days, however it may remain more volatile during the process of going upper side," said Sudarshan Goel, commodity analyst.
Mentha oil Oct future contract opened at 740, higher by Rs15.60 per Kg compare to previous close on MCX this morning. It made high of 753.40 and a low at 733.40 during trading session. 14 days RSI is at 89.69 and is moving upward, volume recorded for the day is 4159 and open interest for the day is 3885 till 4.35 pm Monday.
Reports of low arrivals and prospects of rising demand are expected to support the prices in near future. Overall trend is expected to remain bullish in the short term with intermittent profit booking.
"Technically, Mentha oil is expected to go up further in next couple of days, however it may remain more volatile during the process of going upper side," said Sudarshan Goel, commodity analyst.
Mentha oil Oct future contract opened at 740, higher by Rs15.60 per Kg compare to previous close on MCX this morning. It made high of 753.40 and a low at 733.40 during trading session. 14 days RSI is at 89.69 and is moving upward, volume recorded for the day is 4159 and open interest for the day is 3885 till 4.35 pm Monday.