Mentha oil closed higher largely due to stockists fresh buying. Stockists have bought seeing brisk demand in the physical markets and higher prices. On May 8th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 701,330 kg of which 666,795 kg is physical stock and 34,535 is the demat stock. May contract gained Rs 26.1 and settled at Rs 712 a kg. The contract made intraday low of Rs 686.5 a kg and high of Rs 713.3 a kg with the volume of 2699 and total open interest for the same contact was at 3776.Now support for the menthol is seen at 694.6 and below could see a test of 677.1. Resistance is now likely to be seen at 721.4, a move above could see prices testing 730.7.

Trading Ideas:

Menthol Oil trading range is 668.8-722.

Mentha oil spot is at 780/-. Spot is up by Rs. 15/-.

Resistance for the mentha oil is at 716.80 and support is at 707.60.

Total stock of mentha at MCX warehouses at Chandausi was 701,330 kg as on May 8

Mentha oil closed higher largely due to stockists fresh buying

MENTHOL ABV 710 LIKELY TO TEST 722 LEVEL. CORRECTION IS DUE.