Commodity Trading Tips for Menthaoil by Kedia Commodity

Commodity Trading Tips for Menthaoil by Kedia CommodityMenthaoil June contract dropped Rs 9.1 and settled at Rs 863.1 as weakness in spot market weighed on prices. However reducing opening stocks of mentha oil in the major mandies due to poor production in the last year provided some support to the prices at lower levels. The overall stock position of mentha oil in major mandies are currently hovering in the range of 2500-3000 drums as against 8000-9000 drums of the last year. However, fresh arrivals of around 250 drums were reported. The contract made intraday low of Rs 860.9 a kg and high of Rs 869 a kg with the volume of 575 and total open interest for the same contact was at 1342. Now support for the menthol is seen at 859.7 and below could see a test of 856.2. Resistance is now likely to be seen at 867.8, a move above could see prices testing 872.4.

Trading Ideas:

Menthaoil trading range is 856.2-872.

Menthaoil spot is at 982/-.Spot market is down by Rs. 26/-.

Menthaoil dropped as weakness in spot market weighed on prices

Menthaoil looks to take support at 859.70 and resistance at 867.80.

Overall stock position of mentha oil in major mandies are currently hovering in range of 2500-3000 drums