Menthaoil May contract gained Rs 4.7 and settled at Rs 928 getting support from expected rise in export and domestic demand from pharmaceutical industries. Possibilities of higher production this year are preventing a major uptrend in rates. The total arrivals of mentha oil in all the major mandies were reported steady at around 200 drums over. The contract made intraday low of Rs 906 a kg and high of Rs 933.7 a kg with the volume of 1014 and total open interest for the same contact was at 545.Now support for the menthol is seen at 911.4 and below could see a test of 894.9. Resistance is now likely to be seen at 939.1, a move above could see prices testing 950.3.

Trading Ideas:

Menthaoil trading range is 894.9-950.

Menthaoil gained getting support from expected rise in export and domestic demand

Menthaoil looks to take support at 911.40 and resistance at 939.10.

The total arrivals of mentha oil in all the major mandies were reported steady at around 200 drums over.