Mentha Oil Spot At Sambhal Closed At 1908.90 Per 1kg

Gold prices seen under pressure tempered by expectations of a U.S. rate hike later this month. The dollar index slipped to a 1-1/2-month low after weaker-than-expected U.S. inflation data and a recovery in emerging markets. The months-long trade tension between Washington and Beijing has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute. Investors widely expect another 0.25 percentage point

The prospect of further trade penalties on China, the world’s largest metals consumer, stoked fears that Beijing could rein in spending as its months long trade fight with Washington has exacerbated vulnerabilities in the Chinese economy. Disappointing data on Thursday and Friday increased concern that the Federal Reserve could ease its stance on monetary policy. U.S. retail sales barely registered any gains in August, while consumer prices rose less than expected.

Inventories of U.S. crude fell by 5.296 million barrels for the week ended Sept. 7, beating expectations for a draw of 1.300 million barrels, according to data from the Energy Information Administration (EIA). The large draw in crude supplies comes as imports fell by about 0.443 million barrels per day (bpd), while exports declined by 0.320 million bpd, data from EIA showed.

Menthaoil on MCX settled down -3.24% at 1721.2 amid subdued demand at the spot market and ample stock positions on higher supplies. Anticipation of bumper crop harvest and nearing of harvesting season adding negativity to the market. As per preliminary estimates, acreage under mentha crop will rise this year as the farmers are encouraged by higher price in recent past. It should be noted that this year’s production expectation of 38500-39000 MT remains slightly above the average production of 36,968 MT productions seen in between 2013-2018.

The area under soybean in the country up 6.3% at 111.9 lakh ha as of last week compared to last year sowing, according to data released by the farm ministry. The United States Department of Agriculture (USDA) has hiked 2018-19 estimates for the US soybean production and ending stockpiles for September. The USDA, in its World Agriculture Supply and Demand Estimates report, expects soybean output in United States, the world’s biggest soybean grower, at 127.73 million tons in September, compared to 124.81 million tons estimated in August.

Technically market is under fresh selling as market has witnessed gain in open interest by 12.25% to settled at 55330 while prices down -6.8 rupees, now Ref.Soya oil is getting support at 729 and below same could see a test of 726 level, And resistance is now likely to be seen at 735, a move above could see prices testing 738.

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