Mentha oil ended lower yesterday on heavy profit booking. On April 28th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 662,460 kg of which 627,925 kg is physical stock and 34,535 is the demat stock. May contract dropped Rs 7.8 and settled at Rs 688.2 a kg. The contract made intraday low of Rs 683 a kg and high of Rs 713 a kg with the volume of 3366 and total open interest for the same contact was at 3453.Now support for the menthol is seen at 676.5 and below could see a test of 664.7. Resistance is now likely to be seen at 706.5, a move above could see prices testing 724.7.

Trading Ideas:

Menthol Oil trading range is 665-725.

Mentha oil spot is at 775/-.Spot is down by Rs.5/-.

Resistance for the mentha oil is at 693.80 and support is at 683.60.

Total stock of mentha at MCX warehouses at Chandausi was 662,460 kg as on Apr 28.

Mentha oil ended lower yesterday on heavy profit booking

BUY MENTHOL MAY ABV 690 SL 685 TGT 695-700.MCX