Due to strong fundamentals, prices of Mentha Oil futures (September) are likely to continue with the trend of support at the level of Rs 1,635.
With the hope of getting better prices, farmers and stockists have been able to keep their stocks in check, prices are also getting help. It is estimated that around 40% of the stock is left with the farmers, while the export demand is high and if the rupee remains weak, demand may continue to rise.
Due to higher production estimates, prices of guarseed futures (October) are likely to be trending with support at the level of Rs 4,150. The prices of guarseed and guaragam prices have declined in spot markets due to the sudden fall in productivity due to sudden dry weather in major production areas of Rajasthan. During the current monsoon in guarseed production areas, the shortage of rainfall has increased to 10%. For the first time since 2014, Rajasthan has received less than normal rainfall.
Chana futures (October) are likely to do business in the range of 3,900-4,000 rupees. There is a trend of softening prices of gram due to weak demand at higher prices in Indore mandi. In major states, the prices of gram have declined in the country’s major spot markets due to the sale of pulses and sluggish trade in the markets. On the Mumbai and Mundra ports, Australian gram prices fell by Rs 25-50 per kg to Rs 3,950-3,975 per 100 kg.
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