Menthol yesterday dipped by more that 2.5% in the line of expectation overall the counter look bearish for the target at 560 and below. Farmers are having good stock for this season and also ware house has monitored a jump int eh stock which is 9,92,149 kgs as per mcx data. For today session some profit booking can be seen till 575-578 level which is the good level to take short. Yesterday February contract dropped Rs 15 and settled at Rs 570.2 a kg. The contract made intraday low of Rs 568.6 a kg and high of Rs 584.5 a kg. Now support for the menthol is seen at 564.30 and below could see a test of 558.50. Resistance is now likely to be seen at 580.20, a move above could see prices testing 590.30.

Trading Ideas:

Menthol trading range is 565-580.

Mentha oil spot is at 644/-.Spot is down by Rs.6/-.

Resistance for Mentha oil is at 575.20 and support is at 569.40.

Total stock of mentha oil at MCX-monitored warehouses at Chandausi was 9,92,149 kg

Mentha oil yesterday ended down tracking weak spot market.

SELL MENTHOL FEB @ 578-580 SL 584 TGT 574.50-571.20-566.MCX