Mentha oil futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators build up fresh positions in the agri-commodity amid uptick in physical demand for mentha oil from major consuming industries in the domestic spot market. 

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At the MCX, mentha oil futures for November 2016 contract is trading at Rs 965 per kg, up by 0.56 %, after opening at Rs 957.40, against the previous closing price of Rs 959.60. It touched the intra-day high of Rs 967.80. Mentha oil on MCX settled down by -0.84% at 966.2 driven by easing demand at the spot market. Further, ample stocks position on higher supplies from Chandausi in Uttar Pradesh, too weighed on mentha oil prices. Sources mentioned that nearly 14500 MT of mint products were exported in six months of the current financial year. This implies that export demand for the complete financial year can be between 27000 and 29000 MT quite cheaper, versus 23000 of total exports last year. 

Technically market is under fresh selling as market has witnessed gain in open interest by 1.86% to settled at 3348 while prices down -8.2 rupee, now Menthaoil is getting support at 956.9 and below same could see a test of 947.7 level, And resistance is now likely to be seen at 979.4, a move above could see prices testing 992.7.