Mentha oil June contract dropped Rs 21.4 and settled at Rs 716 a kg under immense selling pressure. Speculative selling triggered by heavy arrival in the physical markets impacted the prices. On June 12th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 757,489 kg of which 722,954 kg is physical stock and 34,535 is the demat stock.  The contract made intraday low of Rs 715.3 a kg and high of Rs 734.8 a kg with the volume of 3665 and total open interest for the same contact was at 2660.Now support for the menthol is seen at 709.3 and below could see a test of 702.5. Resistance is now likely to be seen at 728.8, a move above could see prices testing 741.5.

Trading Ideas:

Menthol Oil trading range is 703.3-742.

Mentha oil spot is at 772. Spot is down by Rs.18/-.

Resistance for the mentha oil is at 720.80 and support is at 712.20.

Total stock of mentha at MCX warehouses at Chandausi was 757,489 kg as on June 12

Mentha oil dropped yesterday as expected under immense selling pressure

SELL MENTHOL BELOW 717 SL 726 TGT 714.50-710.20-706.50.MCX