MENTHA OIL FUTURES CRACK ON WEAK SPOT DEMAND; CRUDE OIL FUTURES UP 3.88% ON GLOBAL CUES

Mentha oil Jun futures continued the downward momentum after opened with negative note on today amid slump in demand for the commodity by consuming industries. Mentha oil has been witnessing selling pressure on any rebound since April this year.

Speculators trimmed positions in mentha futures, triggered by muted from consuming industries at the spot market and adequate stocks on higher supplies from the major producing regions. At the MCX, Mentha oil futures for Jun 2019 contract was trading at Rs 1330.00 per kg, down by 1.83%, after opening at Rs 1350.00 per kg , against a previous close of Rs. 1354.80 per kg. It touched the intra-day low of Rs 1318.00 per kg and high of Rs 1361.00 per kg. CPO, cotton futures were trading in the negative zone , lose by 0.70% , 0.46% while Cardamom Future prices was trading in positive note , gained by 0.63%.

MCXCOMDEX opened with negative note at 3519.29 and traded up by 0.79 % at 3548.78. Commodities like Crude oil, Natural Gas, Cardamom, Nickel, Silver, Aluminium, Zinc, Copper, Gold were stood as top gainers, gained by 3.38%, 1.74%, 0.63%, 0.34%, 0.31%, 0.25%, 0.20%, 0.07%, 0.03% respectively. On the other hand, Mentha oil, CPO, Cotton, Lead futures were stood as top losers, lose by 1.83%, 0.70%, 0.46%, 0.39% respectively.

Crude oil gained above 3 % on today amid raising of bets by participants on a strong overseas trend, coupled with good domestic demand, kept crude prices higher at futures trade here.

Benchmark indices ended higher but off day's high in the volatile session on June 7 with Nifty finished above 11,850 level. Sensex was up 86.18 points at 39,615.90, while Nifty was up 26.90 points at 11,870.70.