Mentha oil on MCX settled up by 1.46% at 958.6 amid surge in demand in the domestic spot market. Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices. Stock positions of Mentha in MCX accredited warehouses were around 4727 drums, while in process were 24 drums, which is same in comparison to the previous day. As per traders, local demand is average from both the local industries as well as stockists.

Mentha oil spot at Sambhal closed at 1068.80 per 1kg. Spot prices was up by Rs.5.60/-.Technically market is under short covering as market has witnessed drop in open interest by -2.42% to settled at 1369 while prices up 13.8 rupees, now Menthaoil is getting support at 943.9 and below same could see a test of 929.2 level, And resistance is now likely to be seen at 967, a move above could see prices testing 975.4.

Trading Ideas:

* Mentha oil trading range for the day is 929.2-975.4.

* Mentha oil spot at Sambhal closed at 1068.80 per 1kg. Spot prices was up by Rs.5.60/-.

* Mentha oil settled up amid surge in demand in the domestic spot market.

* Further, tight stocks position on restricted supplies from producing regions, too supported mentha oil prices.

* As per sources, local demand is average from both the local industries as well as stockists.

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