Mentha oil August contract dropped Rs 0.4 and settled at Rs 717.2 a kg on dull demand and decent arrivals in the spot markets. On July 28th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 8,87,124 kg of which 8,52,586 kg is physical stock and 34,537 is the demat stock. The contract made intraday low of Rs 713 a kg and high of Rs 720.9 a kg with the volume of 1667 and total open interest for the same contact was at 4842.Now support for the menthol is seen at 713.2 and below could see a test of 709.1. Resistance is now likely to be seen at 721.1, a move above could see prices testing 724.9.

Trading Ideas:

Menthol Oil trading range is 709.1-725.

Mentha oil spot is at 770/-. Spot marketis flat.

Resistance for the mentha oil is at 721.10 and support is seen at 713.20.

Total stock of mentha at MCX warehouses at Chandausi was 8,87,124 kg as on July 28

Mentha oil settled lower on dull demand and arrivals in spot markets