MUMBAI (Commodity Online): Mentha Oil futures failed to hold its previous gains on Friday due to the selling pressure on the MCX counter. Speculators interested in liquidating the positions at higher level.

MCX Mentha Oil September contract traded at Rs 776 a kg, down Rs 5.60 and moved in the range of Rs 779.20- 776. Volume of the contract stood at 300 lots.

As per latest release by Spice Board of India, India's total mint exports were down 15% during the April to July 2010 to 5500 tonnes against 6525 tonnes reported last year. This was due to sturdy prices of mentha oil in the last quarter. The average prices of mentha oil were traded at Rs 705 per kg against Rs 605 per kg reported last year.

Mentha oil September contract gained Rs 0.8 and settled at Rs 779.9 a kg on some buying support. On September 1st, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 9, 26,710 kg of which 7, 46,833 kg is physical stock and 1,79,877 is the demat stock.

The contract made intraday low of Rs 779.4 a kg and high of Rs 789.3 a kg with the volume of 4494 and total open interest for the same contact was at 6783.Now support for the Menthol is seen at 776.4 and below could see a test of 773. Resistance is now likely to be seen at 786.3, a move above could see prices testing 792.8.

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