Mentha oil ended the session on a lower note as profit taking deepened throughout the intra-day. Earlier, it had gained on news of lower planting of mentha.

On March 13th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 782,446 kg of which 748,627 kg is physical stock and 33,819 is the demat stock. March contract dropped Rs 7 and settled at Rs 614.2 a kg.

The contract made intraday low of Rs 610.8 a kg and high of Rs 618.8 a kg with the volume of 1356 and total open interest for the same contact was at 2970.Now support for the menthol is seen at 610.4 and below could see a test of 606.6.

Resistance is now likely to be seen at 618.4, a move above could see prices testing 622.6.

Trading Ideas:

Menthol Oil trading range is 606.6-623.
Mentha oil spot is at 661/-.Spot is down by Rs 4/-.
Resistance for the mentha oil is at 618.40 and support is at 610.40.
Total stock of mentha at MCX warehouses at Chandausi was 782,446 kg as on Mar 13.
Mentha oil ended the session on a lower note on profit taking
SELL MENTHA OIL MAR AT 615-616 SL 620.20 TGT 612.60-610.20-607.60.MCX

Courtesy: Kedia Commodities

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