Menthol prices fell on subdued demand from pharma and other consuming industries. Adequate stocks following a pickup in supplies from producing belts also put pressure on the prices. December contract dropped Rs 1.5 and settled at Rs 591.2 a kg. The contract made intraday low of Rs 587 a kg and high of Rs 596 a kg. Now support for the menthol is seen at 586.8 and below could see a test of 582.4. Resistance is now likely to be seen at 595.8, a move above could see prices testing 600.4.

Trading Ideas:

MENTHOL TRADING RANGE IS 580-605.

MENTHOL SPOT IS AT 620/-.SPOT IS UP BY RS 6/-.

BUY MENTHOL DEC @ 588-590 SL 584.20 TGT 592.60-595.80-598.50.MCX

NOW RES IS AT 595.80 ABV THIS NEXT RES IS AT 599.20-603.60.

MENTHOL PRICES FELL ON SUBDUED DEMAND FROM PHARMA INDUSTRIES

OVERALL MARKET RANGE IS 580-600 LEVEL.