Mentha oil December contract dropped Rs 29.7 and settled at Rs 1187 a kg due to higher arrivals and fall in demand in the mandis, traders are expecting some more dips for fresh buy. Though overall fundamentals looks positive for the commodity and the rise in export demand may boost the sentiment in coming days. The contract made intraday low of Rs 1170.1 a kg and high of Rs 1230.9 a kg with the volume of 5998 and total open interest for the same contact was at 4341. Now support for the menthol is seen at 1161.1 and below could see a test of 1135.2. Resistance is now likely to be seen at 1221.9, a move above could see prices testing 1256.8.

Trading Ideas:

Mentha Oil trading range is 1137.3-1259.

Resistance for the mentha oil is at 1202.80 level.

Support or mentha oil is seen at 1172.20 level.

Mentha oil ended lower due to higher arrivals and fall in demand