MUMBAI (Commodity Online):After shooting up over last few days, profit booking was noted for Mentha Oil at the higher levels. Traders waited for dips before initiating fresh demand in the mandis. Increasing arrival pressure was also noted in the mandis.
Even though overall sentiments are expected to remain firm in the next few months from expected rise in export and domestic demand, short term trend is expected to remain volatile.
Rise in demand in the mandis on the domestic and the export front from European countries and China continued to support the rates.
Medium term Fundamentals remained moderately firm for the commodity as good pharmaceutical Industry demand and further rise in export demand are expected but short term trend likely to remain volatile.
Some export queries from China and European countries reportedly supporting the market rates.
Reports of a fall in production had been keeping the sentiments firm.
Lower arrivals and rising export demand and domestic demand from the Pharmaceutical Industries have been there.
Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide support to prices in the medium term. Exports to China reportedly on the rise.
Courtesy: Religare Commodities
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