August contract dropped Rs 2.5 and settled at Rs 713.6 a kg as speculators indulged in profit-booking amid fall in spot market demand. Increased arrivals at the spot market from producing belt of Uttar Pradesh also influenced the trading sentiment. The contract made intraday low of Rs 710 a kg and high of Rs 717.6 a kg with the volume of 1250 and total open interest for the same contact was at 4846.Now support for the menthol is seen at 709.9 and below could see a test of 706.1. Resistance is now likely to be seen at 717.5, a move above could see prices testing 721.3.

Trading Ideas:

Menthol Oil trading range is 705.9-721.

Resistance for the mentha oil is at 717.50.

Support for mentha oil is seen at 709.90

Mentha oil weak as speculators indulged in profit-booking