MUMBAI (Commodity Online): Mentha oil continued to trade higher for the third straight day Wednesday on the back firm buying support on better demand in the spot market.

MCX mentha March contract traded at Rs 609.80 a kg, up Rs 1.20. The contract had opened the day lower at Rs 608.40 a kg. The contract so far fluctuated between of Rs 611- 608.40 a kg.

April contract inched up Re 0.30 at Rs 604.30 a kg at 10:09 am IST. The contract traded in the range Rs 606.20- 604.30 a kg. Volumes in the March and April contracts so far have been 114 and 20 lots respectively.

Mentha oil lost over 1% towards the closing session as selling pressure escalated towards ending. Mentha oil futures had closed higher in the last trade and that correction was due. Spot markets are reportedly firm.

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On March 8th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 826,666 kg of which 792,847 kg is physical stock and 33,819 is the demat stock. March contract dropped Rs 5.6 and settled at Rs 608.6 a kg.

The contract made intraday low of Rs 606.5 a kg and high of Rs 620.7 a kg with the volume of 3090 and total open interest for the same contact was at 3169.Now support for the Menthol is seen at 603.2 and below could see a test of 597.7. Resistance is now likely to be seen at 617.4, a move above could see prices testing 626.1.

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