Commodity Trading Tips for Menthaoil by KediaCommodity

Commodity Trading Tips for Menthaoil by KediaCommodityMenthaoil February contract gained Rs 26.9 and settled at Rs 1571.5 due to firm domestic demand from the pharmaceutical industries. Good demand from the International markets and the domestic pharmaceutical Industries was noted. Traders expect an overall Bullish trend to prevail in the markets as arrivals in the mandis remained moderately low. The trend is likely to remain volatile in the short term as the higher levels too have not been sustainable. But medium term sentiments look positive on an expected pick up in demand in coming weeks. Arrival in different spot markets reported around 225-230 drums. On 13th February total stock of mentha oil at MCX-monitored warehouses at Chandausi was 2, 95, 703 kg of which 2, 86, 353 kg was physical stock and demat stock was 9,349 kg. At Barabanki, the total stock was 10, 53, 140 kg of which, physical stock accounted for 9, 11, 647 and demat stock was 1, 41,493 kg. The contract made intraday low of Rs 1536 a kg and high of Rs 1577 a kg with the volume of 7142 and total open interest for the same contact was at 4059.Now support for the menthol is seen at 1546 and below could see a test of 1520.5. Resistance is now likely to be seen at 1587, a move above could see prices testing 1602.5.

Trading Ideas:

Mentha oil trading range for the day is 1520.5-1602.5.

Menthaoil spot is at 1730/-.Spot market is up by Rs.30/-.

Menthaoil gained due to firm domestic demand from the pharmaceutical industries

Arrival in different spot markets reported around 225-230 drums.

On 13th February total stock of mentha oil at MCX warehouses at Chandausi was 2, 95, 703 kg