Menthol February contract dropped Rs 0.7 and settled at Rs 582 a kg, from last 2-3 sessions we have seen market is trading in the range of 576-586 no much activity had been seen in the spot market also as menthol is trading in the sideway territory. The contract made intraday low of Rs 580.3 a kg and high of Rs 586.7 a kg with the volume of 1214 and total open interest for the same contact was at 3714.

Now support for the menthol is seen at 579.3 and below could see a test of 576.6. Resistance is now likely to be seen at 585.7, a move above could see prices testing 589.4.

Trading Ideas:

Menthol Oil trading range is 576.4-589.

Menthol spot is at 646/-. Spot is flat and trading in the range.

Market is trading in the sideway better to wait for a fresh direction.

Menthol support is at 574 levels and resistance is likely to be seen at 588 levels.

Some bounce can be seen till 584 levels but pressure is likely to seen at that level as spot market is steady.

SELL MENTHOL MAR @ 592 SL 596.50 TGT 588.60-585.20-582.MCX