Mentha oil October contract gained Rs 6.5 and settled at Rs 863.5 a kg on short covering. The overall trend in mentha oil is firm and spot trading also witnessed bullish trading. On September 25th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 8,87,121 kg of which 7,60,933 kg is physical stock and 126,724 is the demat stock. The contract made intraday low of Rs 851 a kg and high of Rs 866.9 a kg with the volume of 4048 and total open interest for the same contact was at 6397.Now support for the menthol is seen at 854 and below could see a test of 844.6. Resistance is now likely to be seen at 869.9, a move above could see prices testing 876.4.

Trading Ideas:

Mentha Oil trading range is 844.6-876.

Mentha oil spot is at 946/-.Spot is down by Rs.11/-.

Resistance for the mentha oil is at 869.90.

Support or mentha oil is seen at 854.

Mentha oil yesterday ended higher on short covering.