MUMBAI (Commoditiescontrol) - Mentha oil futures recovered from early losses to end in positive territory on Friday amid short covering at the lower level.
The benchmark January futures closed 1.3 percent, or Rs 13.30 higher at Rs 1,046/Kg on the Multi Commodity Exchange Ltd (MCX). The contract traded within range of Rs 1,033-60 to Rs 1,058.
Mentha oil in Sambhal traded tad up at Rs 1,110/kg today. Activity in the spot market was uncertain as buyers are hesitant due to volatility on futures. Supply and demand both are sluggish.
Slow supply was attributed to farmers reluctance to sell in cheque or online transfer as farmers mainly want to transact in cash.
According to trader from Barabanki "Demand for mentha oil is very poor and hence any rise is likely to attract selling in future."
(By Commoditiescontrol Bureau; +91-22-40015533)