Mentha oil November contract dropped Rs 36.4 and settled at Rs 1232.5 a kg as profit booking at higher levels have led corrections in the prices. Traders expect some more dips in short term as demand gets affected at the higher levels. The major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 800 drums. The contract made intraday low of Rs 1230.8 a kg and high of Rs 1273.6 a kg with the volume of 4011 and total open interest for the same contact was at 6878. Now support for the menthol is seen at 1217.7 and below could see a test of
1202.8. Resistance is now likely to be seen at 1260.5, a move above could see prices testing 1288.4.

Trading Ideas:

Mentha Oil trading range is 1203.2-1289.

Resistance for the mentha oil is at 1244.60.

Support or mentha oil is seen at 1220.20.

Mentha oil ended lower as profit booking at higher levels weighed