Mentha oil yesterday dipped as per expectation still spot market is under selling pressure and arrivals of are also increased to 250 drums against 150-200 drums reported last week. January contract dropped Rs 1.2 and settled at Rs 591 a kg. The contract made intraday low of Rs 583.5 a kg and high of Rs 593.9 a kg. Now support for the menthol is seen at 585.00 and below could see a test of 579.00. Resistance is now likely to be seen at 595.40, a move above could see prices testing 599.80.

Trading Ideas:

Menthol trading range is 585-598.

Mentha oil spot is at 651/-.Spot is flat.

Resistance for Mentha oil is at 594.20 and support at 587.40

Arrivals are also increased to 250 drums against 150-200 drums reported last week

Mentha oil yesterday ended down due to weak cues from spot market

SELL MENTHOL JAN @ 590-592 SL 598 TGT 587.60-584.50-582-578.MCX