Menthol first time in the last 1month closed below the 600 level on spot weakening. As we have mentioned earlier also that stocks are with the farmer and they are eyeing good price in the market for this season but lack of overseas demand had created selling pressure in the market which has resulted a drop of Rs 20.8 in the prices on future prices on MCX and settled at Rs 590.5 a kg.

The contract made intraday low of Rs 586.8 a kg and high of Rs 609.2 a kg. Now support for the menthol is seen at 581.8 and below could see a test of 573.1. Resistance is now likely to be seen at 604.2, a move above could see prices testing 617.9.

Trading Ideas:

MENTHOL TRADING RANGE IS 570-605.

MENTHOL SPOT IS AT 532/-.SPOT IS DOWN BY RS 14/-.

BUY MENTHOL DEC ABV 592 SL 589.80 TGT 594.50-597.20-599. MCX

SUPPORT FOR MENTHA OIL IS AT 583.20.

LACK OF OVERSEAS DEMAND IS CREATING PRESSURE IN THE MARKET

MENTHOL PRICES ENDED DOWN TRACKING WEAK SPOT MARKET