Mentha oil futures drove up its prices in major markets of Uttar Pradesh on Tuesday. Though the upside was limited as compared to rise in futures. Sustaining the bullish momentum, mentha oil futures traded up during the initial hours MAY contract made intraday low of Rs 675.7 a kg and high of Rs 686.1 a kg with the volume of 1544 and total open interest for the same contact was at 2686. On April 19th, 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. Now support for the menthol is seen at 673.2 and below could see a test of 669.2. Resistance is now likely to be seen at 683.6, a move above could see prices testing 690.

Trading Ideas:

Menthol Oil trading range is 670.2-691.

Mentha oil spot is at 762/-.Spot is up by Rs.2/-.

Mentha oil futures drove up its prices in major spot markets of Uttar Pradesh

Mentha oil looks to have a support at 673 level and resistance is at 683.

On April 19th, total stock of mentha oil at MCX-monitored warehouses 660,287 kg.

SELL MENTHA OIL MAY @ 682-684 SL 688.20 TGT 679.20-675.80-672.MCX