Menthaoil June contract gained Rs 9.8 and settled at Rs 870 due to better trend in the spot markets on the back of pick-up in demand amid lower arrivals from Chandausi in Uttar Pradesh. On May 25th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 25,550 kg of which 23,390 kg is physical stock and 2,160 is the demat stock. The contract made intraday low of Rs 857.9 a kg and high of Rs 871 a kg with the volume of 741 and total open interest for the same contact was at 1252.Now support for the menthol is seen at 861.6 and below could see a test of 853.2. Resistance is now likely to be seen at 874.7, a move above could see prices testing 879.4.

Trading Ideas:

Menthaoil trading range is 853.2-879.

Menthaoil spot is at 914/-.Spot market is down by Rs.24/-.

Menthaoil gained due to better trend in the spot markets on the back of pick-up in demand

Menthaoil looks to take support at 861.60 and resistance at 874.70.

On May 25th, total stock of mentha oil at MCX warehouses at Chandausi was 25,550 kg