Menthaoil May contract gained Rs 4.4 and settled at Rs 944.1 driven by pick-up in spot demand. The major mandies of Uttar Pradesh has reported the fresh arrivals of mentha oil in the range of 20-30 drums daily. On May 19th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 6,160 kg of which 3,999 kg is physical stock and 2,160 is the demat stock. The contract made intraday low of Rs 936.3 a kg and high of Rs 953.5 a kg with the volume of 276 and total open interest for the same contact was at 338.Now support for the menthol is seen at 935.8 and below could see a test of 927.4. Resistance is now likely to be seen at 953, a move above could see prices testing 961.8.

Trading Ideas:

Menthaoil trading range is 927.4-962.

Menthaoil spot is at 1055/-.Spot market is up by Rs.10/-.

Mentha oil gained yesterday driven by pick-up in spot demand.

Menthaoil looks to take support at 935.80 and resistance at 953.

Major mandies of U.P has reported fresh arrivals of mentha oil in the range of 20-30 drums daily