Menthol prices yesterday traded in the range bound and maintained the prices above 590 level which looks like a good support for the market. Market is dull in spot too due to upcoming holidays but slow and steady buying demand can be seen in the market by pharma and other consuming industries.

Reports of firming trends from producing centers in Uttar Pradesh also influenced mentha prices. January contract dropped Rs 1.8 and settled at Rs 592.7 a kg. The contract made intraday low of Rs 591.5 a kg and high of Rs 596 a kg. Now support for the menthol is seen at 590.8 and below could see a test of 588.9.

Resistance is now likely to be seen at 595.3, a move above could see prices testing 597.9.

Trading Ideas:

Menthol trading range is 580-604.

Mentha oil spot is at 643/-.Spot is flat.

Overall market look to trade with support at 587.20 and resistance at 600 mark

Mentha oil prices came till 592 level as expected on weak spot demand

A break above 600 mark will rally till 608-615 level.

BUY MENTHOL DEC @ 590-592 SL 587 TGT 594.80-596.50-600.MCX