Menthaoil February contract gained Rs 31.5 and settled at Rs 1322.3 as weather in major growing areas is turning little worrisome. This year mentha production is estimated around 65,000 tons this year, compared to 53,000 tons in the previous year. The total area under mentha crop cultivation is expected to remain 20 per cent higher to 2.10 lakh hectares (ha) this year from the level of 1.75 lakh ha during the previous year. India's Mentha oil production is likely to rise 23 per cent due to bumper output estimates of its raw material. In Rampur, mentha oil (68 GLC) quoted at Rs 1,435 per kg, in Chandausi Rs 1,440 per kg, in Sambhal at Rs 1,445 a kg, in Barabanki at Rs 1,400 a kg.  On 1st February, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 80,177 kg of which 78, 017 kg was physical stock and demat stock was 2,160 kg. At Barabanki, the total stock was 10, 00, 902 kg of which, physical stock accounted for 8, 55, 038 and demat stock was 1, 45, 864 kg.  The contract made intraday low of Rs 1273 a kg and high of Rs 1327.7 a kg with the volume of 7490 and total open interest for the same contact was at 4255.Now support for the menthol is seen at 1287.6 and below could see a test of 1253. Resistance is now likely to be seen at 1342.3, a move above could see prices testing 1362.4.

Trading Ideas:

Mentha oil trading range for the day is 1253-1362.4.

Menthaoil spot is at 1455/- Spot market is up by Rs.17/-.

Menthaoil ended with gains after weather in major growing areas is turning little worrisome.

This year mentha production is estimated around 65,000 tons this year, compared to 53,000 tons in the previous year.

Total stock of mentha oil at MCX-monitored warehouses at Chandausi was 80,177 kg