Mentha oil August contract dropped Rs 10.3 and settled at Rs 767.5 a kg due to profit booking. On August 17th, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 9,26,710 kg of which 8,44,644 kg is physical stock and 82,065 is the demat stock. The contract made intraday low of Rs 761 a kg and high of Rs 784 a kg with the volume of 5708 and total open interest for the same contact was at 4467. Now support for the menthol is seen at 757.7 and below could see a test of 747.8. Resistance is now likely to be seen at 780.7, a move above could see prices testing 793.8.

Trading Ideas:

Mentha Oil trading range is 748-794.

Resistance for the mentha oil is at 772.80.

Support or mentha oil is seen at 762.40.

Mentha oil yesterday ended lower due to profit booking