Menthaoil on MCX settled up 2.46% at 904.7 due to rising demand of the commodity in the spot markets with reports of lower arrivals further aiding the positive sentiment. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. China and Japan have reduced their buying quantity in the recent past due to the economic slowdown had impacted Mint product's exports which declined substantially from the export basket by 18% in terms of volume and 4% in terms of value year-on-year.

                                               Mentha oil spot at Sambhal closed at 1042.20 per 1kg. Spot prices is up by Rs.18.20

Technically market is under short covering as market has witnessed drop in open interest by -8.3% to settled at 3711 while prices up 21.7 rupee, now Menthaoil is getting support at 890.1 and below same could see a test of 875.6 level, And resistance is now likely to be seen at 913, a move above could see prices testing 921.4.     

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