Mentha oil July contract dropped Rs -4.6 and settled at Rs 698 a kg due to profit booking. At Barabanki, the total stock was 12,48,683 kg of which, physical stock accounted for 12,04,093 and demat stock was 44,590 kg. The contract made intraday low of Rs 696.7 a kg and high of Rs 707.8 a kg with the volume of 2835 and total open interest for the same contact was at 4576.Now support for the menthol is seen at 693.9 and below could see a test of 689.7. Resistance is now likely to be seen at 705, a move above could see prices testing 711.9.

Trading Ideas:

Menthol Oil trading range is 689.7-712.

Mentha oil spot is at 765/-. Spot is down by Rs. 10/-.

Resistance for the mentha oil is at 705.

Mentha oil looks to take support at 693.90

Mentha oil yesterday ended down on profit booking

SELL MENTHOL JULY BELOW 696 SL 702.80 TGT 692-688-684.MCX