Mentha oil closed down as some selling at the higher level emerged. Physical markets on the other hand continued to trade higher. On April 6th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 660,287 kg of which 625,751 kg is physical stock and 34,535 is the demat stock. April contract dropped Rs 3.3 and settled at Rs 645.5 a kg. The contract made intraday low of Rs 643.5 a kg and high of Rs 655.9 a kg with the volume of 2116 and total open interest for the same contact was at 3078.Now support for the menthol is seen at 640.7 and below could see a test of 635.9. Resistance is now likely to be seen at 653.1, a move above could see prices testing 660.7.

Trading Ideas:

Menthol Oil trading range is 635.9-661.

Mentha oil spot is at 725/-. Spot is down by RS 5/-..

Resistance for the mentha oil is at 649.20 and support is at 640.70.

Mentha at MCX warehouses at Chandausi was 660,287 kg as on Mar 6

Mentha oil closed down as some selling at the higher level emerged

BUY MENTHOL APR @ 640-641 SL 636.50 TGT 644.50-648.20.MCX