Mentha oil August contract dropped Rs 2 and settled at Rs 713.2 a kg as speculators indulged in profit-booking amid fall in demand in the spot market. Increased arrivals from the producing belts in Uttar Pradesh also weighed on the prices. The contract made intraday low of Rs 710 a kg and high of Rs 715 a kg with the volume of 921 and total open interest for the same contact was at 2724.Now support for the menthol is seen at 710.5 and below could see a test of 707.7. Resistance is now likely to be seen at 715.5, a move above could see prices testing 717.7.

Trading Ideas:

Menthol Oil trading range is 707.5-718.

Resistance for the mentha oil is at 715.50 and support is at 710.50

Increased arrivals from the producing belts in Uttar Pradesh weighed on prices

Mentha oil settled down as speculators indulged in profit-booking