Mentha oil rebounded on short covering towards the end Saturday. April contract gained Rs 3.3 and settled at Rs 627.8 a kg. The contract made intraday low of Rs 623.6 a kg and high of Rs 629.6 a kg with the volume of 812 and total open interest for the same contact was at 1928.Now support for the menthol is seen at 624.4 and below could see a test of 621. Resistance is now likely to be seen at 630.4, a move above could see prices testing 633.

Trading Ideas:

Menthol Oil trading range is 621-633.

Mentha oil spot is at 683/-.Spot market is up by Rs 8/-.

Resistance for the mentha oil is 630.40 and support is at 624.40.

Total stock of mentha MCX warehouses at Chandausi was 691,951 kg as on Mar 25.

Mentha oil rebounded on short covering towards the end Saturday

BUY MENTHOL APR ABV 630 SL 626 TGT 633.50-635.80-638. MCX