Menthaoil March contract dropped Rs 9 and settled at Rs 1279 as expected arrivals of new crop in the coming months kept trend weak. However, lower arrivals and rising export and domestic demand from the Pharmaceutical Industries limited the downside. On March 21st, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 3,00,092 kg of which 1,93,569 kg is physical stock and 1,06,522 is the demat stock. The contract made intraday low of Rs 1267.2 a kg and high of Rs 1296.2 a kg with the volume of 2622 and total open interest for the same contact was at 6148. Now support for the menthol is seen at 1265.4 and below could see a test of 1251.8. Resistance is now likely to be seen at 1294.4, a move above could see prices testing 1309.8.

Trading Ideas:

Menthaoil trading range is 1255-1313.

Menthaoil spot is at 1215/-.Spot market is up by Rs.33/-.

Menthaoil dropped as expected arrivals of new crop in the coming months kept trend weak

Menthaoil looks to take support at 1265.40 and resistance at 1294.40.

Total stock of mentha oil at MCX warehouses at Chandausi was 3,00,092 kg