Menthaoil May contract gained Rs 24 and settled at Rs 1070 export and domestic demand from pharmaceutical industries supported the prices. The total arrivals of mentha oil in all the major mandies were reported steady at around 350. On April 25th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 1,86,710 kg of which 80,187 kg is physical stock and 1,06,522 is the demat stock. The contract made intraday low of Rs 1040 a kg and high of Rs 1070 a kg with the volume of 588 and total open interest for the same contact was at 659.Now support for the menthol is seen at 1050 and below could see a test of 1030. Resistance is now likely to be seen at 1080, a move above could see prices testing 1090.

Trading Ideas:

Menthaoil trading range is 1028.4-1088.

Menthaoil spot is at 1190/-.Spot market is down by Rs.5/-.

Menthaoil gained export and domestic demand

Menthaoil looks to take support at 1050 and resistance at 1080.

The total arrivals of mentha oil in all the major mandies were reported steady at around 350.