Mentha oil December contract gained Rs 16.5 and settled at Rs 1222.7 a kg on speculators’ buying at lower level. The contract made intraday low of Rs 1200 a kg and high of Rs 1227 a kg with the volume of 2830 and total open interest for the same contact was at 5129.Now support for the menthol is seen at 1206.1 and below could see a test of 1189.6. Resistance is now likely to be seen at 1233.1, a move above could see prices testing 1243.6. Spread between menthol oil DEC & JAN contracts yesterday ended at 11.90. Spread yesterday traded in the range of 11.9 to 17.

Trading Ideas:

Mentha Oil trading range is 1189.6-1244.

Resistance for the mentha oil is at 1233.10 level.

Support or mentha oil is seen at 1206.10 level.

Mentha oil yesterday ended positive on speculators’ buying at lower level