Mentha oil traded in a tight range spurred by receding stocks in major mandies along with restricted supplies of stockiest at current levels. Around 65-75% of the total stocks of mentha oil of the current year have exhausted due to weak production in the current year. Moreover, delay in fresh supplies of new mentha crop by more than 2-3 month (begins from July onwards) also restricted the supplies of mentha oil in major mandies. The total daily arrivals of around 250-300 drums of mentha oil were reported in major mandies, down almost 50-70 drums from the last one month. The contract made intraday low of Rs 1138.5 a kg and high of Rs 1146.9 a kg with the volume of 1682 and total open interest for the same contact was at 6190. Now support for the menthol is seen at 1138.7 and below could see a test of 1134.4. Resistance is now likely to be seen at 1147.1, a move above could see prices testing 1151.2.

Trading Ideas:

Mentha Oil trading range is 1134.8-1152.

Mentha oil spot is at 1203/-.Spot market is flat.

Mentha oil traded in a tight range spurred by receding stocks in major mandies along with restricted supplies

Mentha oil looks to take support at 1136 and support is at 1152 level

Around 65-75% of total stocks of mentha oil of current year have exhausted due to weak production