MUMBAI (Commodity Online): Mentha oil futures dipped Thursday as traders indulged in profit taking at higher levels, triggered by prevailed lower demand for the commodity in the spot market.

MCX mentha oil for May contract declined by Rs 1.90, or 0.31 percent to Rs 602.50 per kg with an open interest of 480 lots.

Similarly, the oil for delivery in March contract fell by Rs 0.70, or 0.11 percent to Rs 615.80 per kg in 2,844 lots.

Mentha oil altogether assumed a steady tone as markets are reported to have neither buying nor major selling activity after mandi tax is levied in UP. On March 16th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 779,859 kg of which 746,040 kg is physical stock and 33,819 is the demat stock.

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March contract gained Rs 0.6 and settled at Rs 616.5 a kg. The contract made intraday low of Rs 614.3 a kg and high of Rs 619.9 a kg with the volume of 1112 and total open interest for the same contact was at 2845.

Now support for the Menthol is seen at 613.9 and below could see a test of 611.3. Resistance is now likely to be seen at 619.5, a move above could see prices testing 622.5.

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