Mentha oil July contract dropped Rs 13.8 and settled at Rs 685.6 a kg on profit booking. On July 17th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 776,951 kg of which 742,413 kg is physical stock and 34,537 is the demat stock. The contract made intraday low of Rs 680.1 a kg and high of Rs 701.8 a kg with the volume of 3212 and total open interest for the same contact was at 4440.Now support for the menthol is seen at 676.5 and below could see a test of 667.5. Resistance is now likely to be seen at 698.2, a move above could see prices testing 710.9.

Trading Ideas:

Menthol Oil trading range is 666.9-710.

Resistance for the mentha oil is at 692.20.

Mentha oil looks to take support at 680.40.

Mentha oil settled positive on profit booking