Mentha oil yesterday ended down as per expectation on heavy selling pressure. Mentha oil marked smart gains till the afternoon and soon tumbled in losses on profit booking. On January 9th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 7,94,985 kg of which 7,89,943 kg physical stock and 5,041 demat stock. January contract dropped Rs 12.8 and settled at Rs 610.9 a kg. The contract made intraday low of Rs 609.2 a kg and high of Rs 626.5 a kg. Now support for the menthol is seen at 604.50 and below could see a test of 598.20. Resistance is now likely to be seen at 621.80, a move above could see prices testing 632.80.

Trading Ideas:

Menthol trading range is 600-620.

Mentha oil spot is at 660/-.Spot is up by 12 rs.

Mentha oil is getting support at 607.60 level and resist is at 614.20.

Mentha oil ended down as expected on profit booking still we look prices till 595 level.

Stock of mentha oil at MCX-monitored warehouses at Chandausi stood at 7,94,985 kg

HOLD / SELL MENTHOL JAN BELOW 609 SL 616.5 TGT 606.50-603.20-600-596.80. MCX