Mentha oil closed in the green territory on firm cues from spot market and lower level buying support. On April 12th, 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. May contract gained Rs 3.1 and settled at Rs 655.9 a kg. The contract made intraday low of Rs 646.3 a kg and high of Rs 658.2 a kg with the volume of 690 and total open interest for the same contact was at 1863. Now support for the menthol is seen at 648.7 and below could see a test of 641.6. Resistance is now likely to be seen at 660.6, a move above could see prices testing 665.4.

Trading Ideas:

Menthol Oil trading range is 641.6-665.

Mentha oil spot is Rs.742/-.Spot is up by Rs 12/.

Resistance for the mentha oil is at 660.60 and support is at 651.60.

Total stock of mentha oil at MCX warehouses at Chandausi was 660,287 kg

Mentha oil closed positive on firm cues from spot market

BUY MENTHOL MAY ABV 658 SL 654 TGT 661-664.50.MCX  (EVE WEAK)