Mentha oil yesterday recovered sharply as per expectation after opening lower. Yesterdays jump was seen due to rise in spot prices. Traders and exporters also took the active part in trading which supported the prices. November contract gained Rs 12.2 and settled at Rs 573 a kg.

The contract made intraday low of Rs 557.8 a kg and high of Rs 577 a kg. Now support for the menthol is seen at 561.50 and below could see a test of 550.00. Resistance is now likely to be seen at 580.70, a move above could see prices testing 588.40.

Trading Ideas:

MENTHOL TRADING RANGE IS 560-590.

MENTHAOIL SPOT IS AT 603. SPOT IS DOWN BY RS. 4/-

SELL MENTHOL DEC BELOW 578 SL 584 TGT 573.50-570-566. MCX

SOME PROFIT BOOKING CAN BE SEEN TILL 565-562 LEVEL.

BUYING NEAR TO 560-562 IS EXPECTED OVERALL BULLISH

MENTHA OIL ENDED HIGHER YESTERDAY DUE TO FIRM SPOT PRICES. 

Commodity Analysis by Kedia Commodity, India's Premium Research House, Mumbai. Check out more commodity reviews at KediaCommodity. com