Mentha oil July contract dropped Rs 21.6 and settled at Rs 738.7 a kg on profit taking and fresh selling. It had been moving in the green terrain from the past two days. On June 26th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 776,951 kg of which 742,413 kg is physical stock and 34,537 is the demat stock. The contract made intraday low of Rs 738.5 a kg and high of Rs 754 a kg with the volume of 2836 and total open interest for the same contact was at 3816.Now support for the menthol is seen at 733.5 and below could see a test of 728.2. Resistance is now likely to be seen at 749, a move above could see prices testing 759.2.

Trading Ideas:

Menthol Oil trading range is 728.8-760.

Mentha oil spot is at 805. Spot is down by Rs.13/-.

Resistance for the mentha oil is at 743.60 and support is at 733.50

Total stock of mentha at MCX warehouses at Chandausi was 776,951 kg as on Jun 26

Mentha oil Saturday ended positive on firm spot market

SELL MENTHOL JULY BELOW 736 SL 742.80 TGT 732.50-728-722.50.MCX