Mentha oil August contract gained Rs 10.2 and settled at Rs 723.2 a kg as speculators created fresh positions after a pick up in demand in spot market. On August 2nd, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 9,26,710 kg of which 8,44,642 kg is physical stock and 82,068 is the demat stock. The contract made intraday low of Rs 712.4 a kg and high of Rs 725.7 a kg with the volume of 2182 and total open interest for the same contact was at 4971.Now support for the menthol is seen at 715.2 and below could see a test of 707.1. Resistance is now likely to be seen at 728.5, a move above could see prices testing 733.7.

Trading Ideas:

Menthol Oil trading range is 707.3-734.

Resistance for the mentha oil is at 728.50 and support is at 715.20.

Total stock of mentha at MCX warehouses at Chandausi was 9,26,710 kg as on Aug 2

Mentha oil weak higher after a pick up in demand in spot market