Mentha oil December contract dropped Rs 1.7 and settled at Rs 1079.9 a kg as traders covered their short positions on weekend. The major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 400-5000 drums. The contract made intraday low of Rs 1048.1 a kg and high of Rs 1090.8 a kg with the volume of 3532 and total open interest for the same contact was at 4266. Now support for the menthol is seen at 1055.1 and below could see a test of 1030.2. Resistance is now likely to be seen at 1097.8, a move above could see prices testing 1115.6.

Trading Ideas:

Mentha Oil trading range is 1030.2-1116.

Resistance for the mentha oil is at 1097.80 level.

Support or mentha oil is seen at 1055.10 level.

Mentha oil ended firm as traders covered their short positions on weekend