Menthol spot yesterday dropped below 640 level creating pressure in the futures market also where December contract dropped Rs 8.3 and settled at Rs 577.2 a kg. The contract made intraday low of Rs 575.1 a kg and high of Rs 587.4 a kg. As mentioned earlier also due to on going holiday ahead profit booking and lack fresh demand from the local can international market prices are trading under pressure.

On the technical side yesterday menthol mange to close below the 580 level which was the crucial support to the market and now support for the menthol is seen at 572.4 and below could see a test of 567.6. Resistance is now likely to be seen at 584.7, a move above could see prices testing 592.2.

Trading Ideas:

MENTHOL TRADING RANGE IS 568-588.

MENTHOL SPOT IS AT 636/-.SPOT IS DOWN BY 4/-.

SUPPORT FOR MENTHA OIL IS AT 573.80.

TODAY SOME PULL BACK CAN BE SEEN ABV 580 TILL 583-585 LEVEL.

MENTHA OIL YESTERDAY ENDED DOWN ON WEAK CUES FROM SPOT MARKET

SELL MENTHOL DEC @ 578-580 SL 583.50 TGT 575.20-572.80-570.MCX