Mentha oil lost over 1% towards the closing session as selling pressure escalated towards ending. Mentha oil futures had closed higher in the last trade and that correction was due. Spot markets are reportedly firm. On March 8th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 826,666 kg of which 792,847 kg is physical stock and 33,819 is the demat stock.

March contract dropped Rs 5.6 and settled at Rs 608.6 a kg. The contract made intraday low of Rs 606.5 a kg and high of Rs 620.7 a kg with the volume of 3090 and total open interest for the same contact was at 3169. Now support for the menthol is seen at 603.2 and below could see a test of 597.7. Resistance is now likely to be seen at 617.4, a move above could see prices testing 626.1.

Trading Ideas:

Menthol Oil trading range is 597.7-626.

Mentha oil spot is at 665/-.Spot market is Down by Rs 12/-.

Resistance for the mentha oil is at 611.40 and support is at 603.20.

support for mentha oil is seen at 603.20

Total stock of mentha at MCX-monitored warehouses at Chandausi was 826,666 kg as on Mar 8

SELL MENTHA OIL MAR @ 610 SL 615.20 TGT 607.20-604.50-602.MCX