Commodity Trading Tips for Mentha Oil by KediaCommodity

Mentha OilMenthaoil May contract dropped Rs 7.6 and settled at Rs 955 on the back of profit booking and due to sluggish spot demand. Adequate stocks following increased arrivals from the producing belts in Uttar Pradesh also pressurized the prices of the commodity to some extent. The contract made intraday low of Rs 945.1 a kg and high of Rs 970 a kg with the volume of 306 and total open interest for the same contact was at 484.Now support for the menthol is seen at 943.4 and below could see a test of 931.8. Resistance is now likely to be seen at 968.3, a move above could see prices testing 981.6.

Trading Ideas:

Menthaoil trading range is 931.8-982.

Menthaoil dropped on the back of profit booking and due to sluggish spot demand

Menthaoil looks to take support at 943.40 and resistance at 968.30.

On May 6th, total stock of mentha oil at MCX-monitored warehouses at Barabanki was 2,55,149 kg