Menthaoil June contract gained Rs 5.7 and settled at Rs 871.9 on the back of short covering. However, some of the speculators enlarged their position due to lower arrivals and anticipating the rise in the export demand and domestic demand from the Pharmaceutical Industries in the near term. The contract made intraday low of Rs 858 a kg and high of Rs 874.6 a kg with the volume of 936 and total open interest for the same contact was at 1522. Now support for the menthol is seen at 861.7 and below could see a test of 851.6. Resistance is now likely to be seen at 878.3, a move above could see prices testing 884.8.

Trading Ideas:

Menthaoil trading range is 851.6-885.

Menthaoil spot is at 1000/-.Spot market is up by Rs. 6/-.

Menthaoil gained 0.66% yesterday on the back of short covering

Menthaoil looks to take support at 861.70 and resistance at 878.30.

On May 31st, total stock of mentha oil at MCX warehouses at Chandausi was 25,550 kg