Mentha oil ended Saturday session on a bullish note as short covering gathered momentum after losing heavily in the last trade. Mentha oil settled up with nominal change tough it gained much higher during the intra-day trading. On March 12th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 786,332 kg of which 752,512 kg is physical stock and 33,819 is the demat stock. March contract gained Rs 5.4 and settled at Rs 621.2 a kg. The contract made intraday low of Rs 615.5 a kg and high of Rs 623.1 a kg with the volume of 1437 and total open interest for the same contact was at 3133.Now support for the menthol is seen at 616.8 and below could see a test of 612.3. Resistance is now likely to be seen at 624.4, a move above could see prices testing 627.5.

Trading Ideas:

Menthol Oil trading range is 612.3-628.

Mentha oil spot is at 665/-.Spot market is flat and range bound.

Resistance for the mentha oil is at 624.40 and support is at 616.80.

Total stock of mentha at MCX warehouses at Chandausi was 786,332 kg as on Mar 12.

Mentha oil ended Saturday higher on short covering.

OIL SELL MENTHA OIL MAR @ 622-624 SL 628.80 TGT 619.20-616.50-612.MCX