Mentha oil February contract dropped Rs 2.5 and settled at Rs 1142.4 a kg due to intraday profit booking amid higher arrivals after trader’s created position on account of accelerated domestic and export demand. Further, expected rise in export and domestic demand from pharmaceutical industries are likely to provide further support to the prices in the medium term. The contract made intraday low of Rs 1137.2 a kg and high of Rs 1161.6 a kg with the volume of 2443 and total open interest for the same contact was at 3716. Now support for the menthol is seen at 1132.5 and below could see a test of 1122.7. Resistance is now likely to be seen at 1156.9, a move above could see prices testing 1171.5.

Trading Ideas:

Mentha Oil trading range is 1122.6-1171.

Mentha oil spot is at 1222/-.Spot market is down by Rs 10/.

Mentha oil dropped due to intraday profit booking amid higher arrivals

Mentha oil looks to take support at 1132.50 level

Resistance for the mentha oil is seen at 1156.90 level.

SELL MENTHOL FEB BELOW 1140 SL 1152 TGT 1134-1128-1122. MCX