Mentha oil recovered ground to clock gains due to short covering. It had moved in the red terrain in the last two sessions.  May contract gained Rs 8.3 and settled at Rs 687 a kg. The contract made intraday low of Rs 675.5 a kg and high of Rs 688 a kg with the volume of 1445 and total open interest for the same contact was at 3786.Now support for the menthol is seen at 679 and below could see a test of 671. Resistance is now likely to be seen at 691.5, a move above could see prices testing 696.

Trading Ideas:

Menthol Oil trading range is 671-696.

Mentha oil spot is at 770/-. Spot is UP by Rs. 12/-.

Resistance for the mentha oil is at 691.50

Support for mentha oil is at 683.80.

Mentha oil ended with gains due to short covering

SELL MENTHOL MAY BELOW 685 SL 690 TGT 681-677.50.MCX