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. 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.

Trading Ideas:

Menthol Oil trading range is 611.3-623.
Mentha oil spot is at 663/-.Spot market is down by Rs 2/-.
Resistance for the mentha oil is at 619.50 and support is at 613.90.
Total stock of mentha at MCX warehouses at Chandausi was 779,859 kg as on Mar 16.
Mentha ended steady as no major activity is seen in spot markets after tax is levied
BUY MENTHOL MAR AT 614-616 SL 610 TGT 618.80-620-623.80.MCX

Courtesy: Kedia Commodities

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