Mentha oil August contract dropped Rs 20.2 and settled at Rs 757 a kg as speculators booked profits, influenced by falling demand in spot market. Adequate stocks positions, followed by increased arrivals in the local market influenced the mentha prices. The contract made intraday low of Rs 755.5 a kg and high of Rs 777 a kg with the volume of 4534 and total open interest for the same contact was at 4266. Now support for the menthol is seen at 749.3 and below could see a test of 741.7. Resistance is now likely to be seen at 770.8, a move above could see prices testing 784.7.

Trading Ideas:

Mentha Oil trading range is 742.3-785.

Resistance for the mentha oil is at 764.20.

Support or mentha oil is seen at 752.60.

Mentha oil yesterday ended lower as speculators booked profits