Rudra Investment: Increased purchases from the lower level, Mentha Oil

On Wednesday Report by Rudra Investment, there was a slight increase in the price of Mentha Oil in the spot market. On the commodity exchange MCX, on Monday, around 10.30 am, Mentha Oil's April contract moved up by Rs 7.70 or 0.49 percent to Rs 1585.60 per kilogram.

According to Rudra Investment Financial Services, after the fall of yesterday, the rise in purchases at the lower level has led to a rise in the prices of mentha oil. However, he says that the price of Mentha Oil still remains below the critical level of Rs. 1600. In view of this, mentha oil is advised to sell in April contract. He says that selling of Mentha Oil around the price of Rs. 1595-1600 should be sold. Keeping a stop loss at the price of Rs 1605, by the end of this week, a target of 1550 rupees per kilogram should be made.

According to Commodity Market Expert Rudra Investment Mentha's spot demand is quite low. Apart from this, the new crop of Mentha Oil is expected to start in the markets next month. Due to the sale of spot stockists, there is a sign of further pressure in Mentha Oil prices. they view that investors should sell Mentha Oil in the April contract at the current level. Keeping a stop loss at the price of 1610 rupees, the target of Mentha Oil's April contract on MCX should be targeted at Rs 1560 per kg in two seasons.