MUMBAI (Commodity Online): Mentha oil futures gained marginal momentum at the MCX counter Tuesday on short covering. Mentha oil futures have been trading under selling pressure after UP Government imposed mandi tax on mentha.

MCX mentha oil February contract opened lower at Rs 558.70 a kg and currently traded at Rs 561.50 a kg, up Rs 1.60. The contract so far fluctuated between of Rs 562- 558.60 a kg.

March contract traded at Rs 565.60 a kg, up Re 0.60 and traded in the range Rs 566.80- 564 a kg. Volumes in the January and February contracts so far have been 112 and 25 lots respectively.

Now support for the Menthol is seen at 554.8 and below could see a test of 550.2. Resistance is now likely to be seen at 562.9, a move above could see prices testing 566.4.

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Menthol oils yesterday traded weak and in the range in the initial trading session we have seen market dropped and taken support at 553 level as spot market was sluggish and trading under pressure after traders as expecting mandi tax in the spot market.

February contract dropped Rs -1 and settled at Rs 559.5 a kg. The contract made intraday low of Rs 553.6 a kg and high of Rs 561.7 a kg.

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