Mentha oil December contract gained Rs 12.8 and settled at Rs 1212 a kg on the back of the short covering. Increased arrival pressure kept trend slightly weak for Mentha Oil. Major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed arrivals of around 600 drums as compared to 550 drums previous day. The contract made intraday low of Rs 1180 a kg and high of Rs 1221.9 a kg with the volume of 4587 and total open interest for the same contact was at 4697. Now support for the menthol is seen at 1187.4 and below could see a test of 1162.7. Resistance is now likely to be seen at 1229.3, a move above could see prices testing 1246.5.

Trading Ideas:

Mentha Oil trading range is 1162.8-1247.

Resistance for the mentha oil is at 1229.30 level.

Support or mentha oil is seen at 1196 level.

Mentha oil yesterday ended positive on the back of the short covering