Mentha oil October contract dropped Rs 8.4 and settled at Rs 977 a kg as
speculative selling and technical selling together pulled mentha oil
prices. On October 18th, total stock of mentha oil at MCX-monitored
warehouses at Chandausi was 8,28,113 kg of which 7,03,533 kg is physical
stock and 1,24,580 is the demat stock. The contract made intraday low
of Rs 974.1 a kg and high of Rs 1002.8 a kg with the volume of 6663 and
total open interest for the same contact was at 4792. Now support for
the menthol is seen at 966.5 and below could see a test of 955.9.
Resistance is now likely to be seen at 995.2, a move above could see
prices testing 1013.3.

Trading Ideas:

Mentha Oil trading range is 955.9-1013.

Resistance for the mentha oil is at 984.20.

Support or mentha oil is seen at 966.50.

Mentha oil ended weak as speculative selling and technical selling pressured prices