Mentha oil may remain bullish, Guarseed may retain softness| MCX Service

Due to strong fundamentals, prices of Mentha Oil futures (September) are likely to continue with the trend at the rate of Rs 1,680.

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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 export demand is high and if the rupee remains weak, demand may continue to rise.

After higher production estimates, the prices of guar seed futures (October) are likely to remain sluggish due to selling at a higher level and prices may drop to Rs 4,150 with an interruption at Rs 4,325. The arrival of a new crop of guarseed has started in Ganganagar in Rajasthan. By the end of August, the production area of guarseed in Rajasthan has increased by 8% to 3.1 million hectares. In Bikaner and Jodhpur, the arrivals will start in the middle of November, while arrival in Haryana will begin in the first week of October. In the coming weeks, the cost of guarseed can increase inward to 40,000-60,000 bags. The moisture content in the new crop can be 10-12% because the crop will not be fully cooked properly.

Prices of Chana Futures (October) can be supported at the level of Rs 3,965 and prices may be stopped. There is speculation in the market that the government can increase the import duty on lentils from 30% to 100 rupees and export of gram from 7% to 15%. This step can boost exports and domestic prices of pulses can be increased.

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