Mentha oil clocked smart gains as traders covered their short position throughout the intra-day trading. On March 2nd, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 840,969 kg of which 807,149 kg is physical stock and 33,819 is the demat stock. March contract gained Rs 8.8 and settled at Rs 587.4 a kg.

The contract made intraday low of Rs 579.5 a kg and high of Rs 588.5 a kg with the volume of 1177 and total open interest for the same contact was at 2984. Now support for the menthol is seen at 581.8 and below could see a test of 576.1. Resistance is now likely to be seen at 590.8, a move above could see prices testing 594.1.

Menthol Oil trading range is 576.1-594.

Mentha oil spot is at 656/-.Spot market is up by Rs 8/-.

Resistance for Mentha oil is at 590.20 and support is at 585.40 level.

Total stock of mentha oil at MCX-monitored warehouses at Chandausi was 807,149 as on Mar 02.

Mentha oil ended higher as traders covered their short position

BUY MENTHA OIL MAR ABV 588.20 SL 583.80 TGT 591.60-594.20-597.50. MCX