Menthaoil June contract dropped Rs 9.8 and settled at Rs 903.3 witnessing some buying at lower levels on the account of weak opening stocks in major mandies. As per market sources, reducing opening stocks of mentha oil in the major mandies due to poor production in the last year provided some support to the prices at lower levels. The overall stock position of mentha oil in major mandies are currently hovering in the range of 2500-3000 drums as against 8000-9000 drums of the last year. The contract made intraday low of Rs 894.9 a kg and high of Rs 907.6 a kg with the volume of 1016 and total open interest for the same contact was at 1494.Now support for the menthol is seen at 896.3 and below could see a test of 889.2. Resistance is now likely to be seen at 909, a move above could see prices testing 914.6.

Trading Ideas:

Menthaoil trading range is 889.2-915.

Menthaoil spot is at 1008/-.Spot market is down by Rs.4/-.

Mentha oil witnessed some buying at lower levels on the account of weak opening stocks

Menthaoil looks to take support at 896.3 and resistance at 909.

Overall stock position of menthaoil in major mandies are currently hovering in range of 2500-3000 drums