(WWW.MCXBABA.COM):-Mentha oil December contract futures prices extended the uptrend on Friday’s trading session. Farmers have reduced supplies to the
market, which pushed prices on higher side. In the entire last week, mentha oil prices traded at a mixed note at the spot as well as futures
platforms. On weekly basis, the spot prices rose by around 3%. Trailing, the spot market trend mentha oil MCX futures contract declined
by 1%. On Friday, spot prices in the Barabanki mandis ended the day on a positive note. Taking
cues from the rising spot prices, mentha oil December futures contract ended the day at Rs.722.80/Kg, up by 0.61%. We can see that the
arrivals scenario has not shown any changes as far. The overall arrivals at the local spot market hovering at around 150 to 180 drums in
daily basis. Since couple of weeks, we are seeing that the arrivals are on a same note at the key physical market of Uttar Pradesh.
According to traders, buying activity is progressing at a slow pace. Apart from this, farmers are still holding much of their produce on
anticipation of more remunerative gains for their produce. However, winter season demand is continuing, which might cap huge losses in
mentha oil prices. Therefore, looking at the existing market sentiments together with the demand scenario, we recommend remaining on
the buying side for the December contract in today’s demand session.