Mentha oil settled weak due to new mentha arrival and dull spot market. May contract dropped Rs 8.2 and settled at Rs 677.6 a kg. The contract made intraday low of Rs 676.3 a kg and high of Rs 685.6 a kg with the volume of 1218 and total open interest for the same contact was at 3726.Now support for the menthol is seen at 674.1 and below could see a test of 670.5. Resistance is now likely to be seen at 683.4, a move above could see prices testing 689.1.

Trading Ideas:

Menthol Oil trading range is 670.5-689.

Mentha oil spot is at 771/-. Spot market trading flat.

Resistance for the mentha oil is at 682.60.

Support for mentha oil is seen at 673.80

SELL MENTHOL MAY @ 682-684 SL 690 TGT 676-670.MCX