Mentha oil closed with decent gains as traders covered their short positions that aided it to gain smart change. May contract gained Rs 5 and settled at Rs 694 a kg. The contract made intraday low of Rs 685.2 a kg and high of Rs 704.5 a kg with the volume of 2330 and total open interest for the same contact was at 3500. Now support for the menthol is seen at 684.6 and below could see a test of 675.3. Resistance is now likely to be seen at 703.9, a move above could see prices testing 713.9.

Trading Ideas:

Menthol Oil trading range is 675.3-714.

Mentha oil spot is at 790/-.Spot is up by Rs. 22/-.

Resistance for the mentha oil is at 698.20

Support for mentha oil is at 689.60.

Mentha oil closed with decent gains as traders covered their short positions

BUY MENTHOL MAY ABV 696 SL 692 TGT 700-706.5-710. MCX