Mentha oil settled with considerable losses towards the end on profit taking. On February 23rd, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 897,107 kg. March contract dropped Rs 3.9 and settled at Rs 583.4 a kg. The contract made intraday low of Rs 581.1 a kg and high of Rs 585.7 a kg with the volume of 861 and total open interest for the same contact was at 2308.Now support for the menthol is seen at 581.1 and below could see a test of 578.8. Resistance is now likely to be seen at 585.7, a move above could see prices testing 588.

Trading Ideas:

Menthol Oil trading range is 573.7-583.

Mentha oil spot is at 650/-.Spot is down by Rs 2/-.

Resistance for Mentha oil is at 586 and support is at 581.40 level.

Total mentha oil stock at MCX-monitored warehouses at Chandausi was 897,107 kg as on Feb 23.

Mentha oil settled with losses towards the end on profit taking

SELL MENTHOL MAR @ 587-589 SL 592.50 TGT585.80-582-580.40.MCX