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MTECHTIPS COMMODITY MARKET NEWS 4

MTECHTIPS:-After Sensex, Nifty, India to have third benchmark equity index


After Bombay Stock Exchange Sensitive Index (Sensex) and National Stock Exchange (Nifty), India now has a third index called SX40 launched by the MCX Stock Exchange (MCS-SX) which has commenced operations on Monday.MCX-SX said that the SX40 is a free float based index of 40 large cap - liquid stocks representing diversified sectors of the economy.SX40 is designed to measure the economic performance with better representation of various industries and sectors based on ICB, leading global Industry classification system from FTSE. The Index is devised to offer cost-effective support for investment and structured products such as index futures and option, index portfolio, exchange traded funds, Index funds, etc.SX40 includes companies that have a minimum free float of 10%and is within the top 100 liquid companies,

MTECHTIPS:-MCX Mentha Oil bullish on likely speculative activities


Mentha oil futures on India's Multi Commodity Exchange (MCX) is bullish at current levels, despite higher production estimates and acreage. Speculative activities may be responsible for the current up-tick movement.MCX mentha oil futures for March delivery was up by 1.04 percent at Rs.1325.10 per kg as of 10.44 AM IST on Monday.Mentha oil looking bullish at current levels. Support is there at 1290 level while 1397 is the resistance, said Milan Shah, Research Analyst at Commodity Online.Traders are advised to follow buy on dip strategy for near term, he added.Farmers are holding their mentha produce with anticipation of higher market prices in the next season. Long term trend is expected to be bearish amid higher production estimates.According to the traders, the total area under mentha crop cultivation is expected to remain 20% higher at 2.10 lakh hectares this year against last year's 1.75 lakh ha. Also, mentha oil output is estimated to be at around 65,000 tons this year, when compared to 53,000 tons in the last year.

MTECHTIPS:-MCX Mentha Oil bullish on likely speculative activities


Mentha oil futures on India's Multi Commodity Exchange (MCX) is bullish at current levels, despite higher production estimates and acreage. Speculative activities may be responsible for the current up-tick movement.MCX mentha oil futures for March delivery was up by 1.04 percent at Rs.1325.10 per kg as of 10.44 AM IST on Monday.Mentha oil looking bullish at current levels. Support is there at 1290 level while 1397 is the resistance, said Milan Shah, Research Analyst at Commodity Online.Traders are

advised to follow buy on dip strategy for near term, he added.Farmers are holding their mentha produce with anticipation of higher market prices in the next season. Long term trend is expected to be bearish amid higher production estimates.According to the traders, the total area under mentha crop cultivation is expected to remain 20% higher at 2.10 lakh hectares this year against last year's 1.75 lakh ha. Also, mentha oil output is estimated to be at around 65,000 tons this year, when compared to 53,000 tons in the last year.

MTECHTIPS:-Brent Crude Oil close to 9-month highs as Iran grabs limelight


Brent crude oil prices are trading near nine month highs as Iran has decided it would not cede to demands from the West on nuclear isssues blindly.Irans international relations grabbed the spotlight last week, with the countrys supreme leader Khomeni rejecting the US offer for nuclear talks, providing a further hurdle for diplomacy.Meanwhile, the relatively positive outlook for international demand is continuing, said Ric Spooner, a chief market analyst at CMC Markets in Sydney to Bloomberg as he referred to crude oil demand.The U.S. inventory data, retail sales and industrial production figures toward the end of the week will give an insight into the short-term activity in the U.S. he added.

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