Menthaoil August contract dropped Rs 2.7 and settled at Rs 1136.9 as selling intensified at higher levels on the heels of rising arrivals in the major mandies of Uttar Pradesh along with weak export demand. The total arrivals of mentha oil stood at 250 drums (60 drums for Sambhal mandi). On August 23rd August total stock of mentha oil at MCX-monitored warehouses at Chandausi was 92,066 kg of which 92,066 kg was physical stock and the demat stock was zero. At Barabanki, the total stock was 8,19,235 kg of which, physical stock accounted for 8,19,235 and demat stock again was nil.  The contract made intraday low of Rs 1121.3 a kg and high of Rs 1146.6 a kg with the volume of 1680 and total open interest for the same contact was at 4689.Now support for the menthol is seen at 1123.3 and below could see a test of 1109.6. Resistance is now likely to be seen at 1148.6, a move above could see prices testing 1160.2.

Trading Ideas:

Menthaoil trading range is 1109.6-1160.

Menthaoil spot is at 1244/-.Spot market is flat.

Menthaoil dropped as selling intensified at higher levels on the heels of rising arrivals

The total arrivals of mentha oil stood at 250 drums (60 drums for Sambhal mandi).

On August 23rd August total stock of mentha oil at MCX warehouses at Chandausi was 92,066 kg