Menthaoil August contract gained Rs 15.7 and settled at Rs 1131 owing to the rising demand in the physical market. Fresh positions that were created by speculators, driven by pick-up in spot demand amid restricted arrivals from Chandausi in Uttar Pradesh, mainly pushed up the price of the Mentha oil. On July 2nd August total stock of mentha oil at MCX-monitored warehouses at Chandausi was 123,776 kg of which 123,776 kg was physical stock and the demat stock was zero. At Barabanki, the total stock was 8,00,478 kg of which, physical stock accounted for 8,00,478 and demat stock again was nil. The contract made intraday low of Rs 1120 a kg and high of Rs 1158.9 a kg with the volume of 6607 and total open interest for the same contact was at 4029.Now support for the menthol is seen at 1114.4 and below could see a test of 1097.7. Resistance is now likely to be seen at 1153.3, a move above could see prices testing 1175.5.

Trading Ideas:

Menthaoil trading range is 1097.7-1176.

Menthaoil spot is at 1238/-.Spot market is up by Rs 11/-.

Menthaoil gained owing to the rising demand in the physical market

Menthaoil looks to take support at 1114.40 and resistance at 1153.30.

On July 2nd August total stock of mentha oil at MCX-monitored warehouses at Chandausi was 123,776 kg