Mentha oil dipped by almost -3.38% down at 988.5 as prospects of better crop this year is pressurizing the market sentiments also low trading activities were reported in the mandis. Domestic demand from the pharmaceutical Industries kept supporting the prices. Sowing area across UP likely to touch 2.48 lakh ha. Production expected 77 lakh tonnes – as per UP Horticultural dept. From 1 ha, 100 litre Mentha Oil can be extracted. In yesterday's trading session menthol oil has touched the low of 983 after opening at 1015, and finally settled at 988.5. For today's session market is looking to take support at 975.3, a break below could see a test of 962.2 and where as resistance is now likely to be seen at 1009.3, a move above could see prices testing 1030.2.

Trading Ideas:

Menthaoil trading range is 962.2-1030.

Menthaoil spot is at 1132/-.Spot market is down by Rs.16/-.

Mentha oil prices tumbled to hit lower circuit due to weak spot market

Menthaoil looks to take support at 975.40 and resistance at 1009.40.

On May 4th, total stock of mentha oil at MCX warehouses at Chandausi was 1,11,240 kg.