Mentha oil closed down with moderate losses on intraday profit booking. On May 11th, 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 dropped Rs 0.6 and settled at Rs 711.9 a kg. The contract made intraday low of Rs 706.5 a kg and high of Rs 724 a kg with the volume of 3199 and total open interest for the same contact was at 3800.Now support for the menthol is seen at 704.3 and below could see a test of 696.6. Resistance is now likely to be seen at 721.8, a move above could see prices testing 731.6.

Trading Ideas:

Menthol Oil trading range is 696.6-732.

Mentha oil spot is at 780/-. Spot is down by Rs.7/-.

Resistance for the mentha oil is at 715.80

Support for mentha oil is at 707.60.

Mentha oil closed down on intraday profit booking

BUY MENTHOL MAY @ 715.50 SL 710 TGT 720-724.50-728.MCX (BTST)