Mentha oil November contract gained Rs 12.8 on strong fundametals and some fresh buying and made market to settled at Rs 1221.3 a kg on the back of waning arrivals in major mandies against strong export demand. Major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 600 drums. The contract made intraday low of Rs 1215.2 a kg and high of Rs 1249.9 a kg with the volume of 7687 and total open interest for the same contact was at 6923.Now support for the menthol is seen at 1207.7 and below could see a test of 1194.1. Resistance is now likely to be seen at 1242.4, a move above could see prices testing 1263.5.

Trading Ideas:

Mentha Oil trading range is 1195-1264.

Mentha oil spot is at 1310/-.Spot market is up by Rs.85/.

Resistance for the mentha oil is at 1234.40.

Support or mentha oil is seen at 1207.70.

Mentha oil gained on the back of waning arrivals in major mandies