Mentha oil February contract dropped Rs 27.6 and settled at Rs 1144 a kg as reduced demand against adequate stocks helped menthol prices to trade lower. On January 28th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 6,91,224 kg of which 5,00,477 kg is physical stock and 1,90,746 is the demat stock. The contract made intraday low of Rs 1136.4 a kg and high of Rs 1164 a kg with the volume of 4312 and total open interest for the same contact was at 3653. Now support for the menthol is seen at 1132.3 and below could see a test of 1120.5. Resistance is now likely to be seen at 1159.9, a move above could see prices testing 1175.7.

Trading Ideas:

Mentha Oil trading range is 1120.9-1176.

Mentha oil spot is at 1232/-.Spot market is down by Rs 13/.

Mentha oil ended lower due to reduced demand against adequate stocks

Mentha oil looks to take support at 1132.30 level

Resistance for the mentha oil is seen at 1159.90 level.

SELL MENTHOL FEB BELOW 1140 SL 1152 TGT 1134-1128-1122. MCX