Mentha oil yesterday ended nearly 3 percent higher as short covering triggered by lower-level buying bolstered prices to rally higher. On May 5th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 701,330 kg of which 666,795 kg is physical stock and 34,535 is the demat stock. May contract gained Rs 19.2 and settled at Rs 696 a kg. The contract made intraday low of Rs 672 a kg and high of Rs 697.1 a kg with the volume of 2175 and total open interest for the same contact was at 3600.Now support for the menthol is seen at 679.6 and below could see a test of 663.3. Resistance is now likely to be seen at 704.7, a move above could see prices testing 713.5.

Trading Ideas:

Menthol Oil trading range is 663.3-713.

Mentha oil spot is at 778/-. Spot is Up by Rs. 11/-.

Resistance for the mentha oil is at 702.60 and support is at 691.80.

Total stock of mentha at MCX warehouses at Chandausi was 701,330 kg as on May 5

Mentha oil yesterday ended higher as short covering triggered by lower-level buying

SELL MENTHOL MAY BELOW 694 SL 698 TGT 691-688-685.MCX