Mentha oil December contract dropped Rs 8.8 and settled at Rs 1222.5 a kg due to selling pressure due to its higher arrivals. However, expected rise in export and domestic demand from pharmaceutical Industries could support the prices in the medium term. The contract made intraday low of Rs 1211.5 a kg and high of Rs 1242 a kg with the volume of 4415 and total open interest for the same contact was at 4304.Now support for the menthol is seen at 1208.7 and below could see a test of 1194.8. Resistance is now likely to be seen at 1239.2, a move above could see prices testing 1255.8.

Trading Ideas:

Mentha Oil trading range is 1192.9-1254.

Resistance for the mentha oil is at 1230.80 level.

Support or mentha oil is seen at 1215.20 level.

Mentha oil ended lower on selling pressure due to higher arrivals