Commodity Outlook for Menthol Oil by KediaCommodity

Mentha OilMentha oil June contract gained Rs 1.3 and settled at Rs 758.9 a kg as buying support at the lower level aided to rally higher. On June 8th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 701,330 kg of which 666,795 kg is physical stock and 34,535 is the demat stock. The contract made intraday low of Rs 753 a kg and high of Rs 775 a kg with the volume of 2976 and total open interest for the same contact was at 2972.Now support for the menthol is seen at 749.6 and below could see a test of 740.3. Resistance is now likely to be seen at 771.6, a move above could see prices testing 784.3.

Trading Ideas:

Menthol Oil trading range is 740-784.

Mentha oil spot is at 805/-. Spot is down by Rs.10/-.

Resistance for the mentha oil is at 763.80 and support is at 753.80.

Total stock of mentha at MCX warehouses at Chandausi was 701,330 kg as on June 8

Mentha oil ended firm on buying support at lower levels.

SELL MENTHOL JUNE BELOW 755 SL 764 TGT 750.50-746.20-742.MCX