Menthol March contract gained Rs 2.6 and settled at Rs 588.3 a kg as per the expectation taking support at 580 level overall the market is trading in the range of 580-594 level. The contract made intraday low of Rs 581.7 a kg and high of Rs 589.2 a kg with the volume of 839 and total open interest for the same contact was at 2169. Total stock of mentha at MCX-monitored warehouses at Chandausi was 897,107 as on Feb 19. As near month expiry is near some short covering will be seen in the market in next couple of day’s, march month look to test 594-598 level due to short covering now support for the menthol is seen at 583.6 and below could see a test of 578.9. Resistance is now likely to be seen at 591.1, a move above could see prices testing 593.9.

Trading Ideas:

Menthol Oil trading range is 571.5-588.

Mentha oil spot is at 658/-.Spot market is trading flat.

Resistance for Mentha oil is at 591.20 and support is at 584.70.

Total stock of mentha at MCX-monitored warehouses at Chandausi was 897,107 as on Feb 19.

Mentha oil yesterday as per expectation ended positive after trading range bound for whole day.

BUY MENTHOL MAR @ 582-583 SL 579 TGT 586.50-589.80-591.20-593.MCX