Mentha oil prices slipped in futures trade on Wednesday as muted demand by consuming industries at spot markets weighed on the commodity. Speculators trimmed positions in mentha oil futures due to a fall in demand from consuming industries at the spot market against adequate supplies from key producing regions. Market participants said fundamental concerns are causing the prices to remain bearish. Mentha oil is forming a bearish engulfing pattern as bulls fail to hold higher levels, with selling around Rs 1,350-1,360. We believe it may remain the same in coming few weeks and mentha oil can slip to lower levels of Rs 1,280-1,290, while Rs 1,350 is now resistance.
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