Mentha oil moved down yesterday after marking smart gains in the early trade due to selling activities by stockiests. On January 16, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 7,94,985 kg. January contract dropped Rs 4.7 and settled at Rs 602.9 a kg.

The contract made intraday low of Rs 602 a kg and high of Rs 610.5 a kg. Now support for the menthol is seen at 599.70 and below could see a test of 596.60. Resistance is now likely to be seen at 608.20, a move above could see prices testing 613.60.

Trading Ideas:

Menthol trading range is 594-610.

Mentha oil spot is at 650/-.Spot is down by Rs 4/-.

Resistance for Mentha oil is at 605.60 and support is at 599.20 level

Below 600 marks some pressure can be seen till 596-593 level.

Mentha oil moved down due to selling activities by stockiest

SELL MENTHOL JAN BELOW 602 SL 606.80 TGT 600-597.80-594. MCX