Mentha oil August contract gained Rs 12.2 and settled at Rs 724.7 a kg on fresh buying, driven by pick up in demand at spot markets. Restricted arrivals in the physical market also influenced the mentha oil prices. The contract made intraday low of Rs 714 a kg and high of Rs 732.5 a kg with the volume of 3649 and total open interest for the same contact was at 3674.Now support for the menthol is seen at 715 and below could see a test of 705.2. Resistance is now likely to be seen at 733.5, a move above could see prices testing 742.2.

Trading Ideas:

Menthol Oil trading range is 705.8-743.

Resistance for the mentha oil is at 729.20

Support for mentha oil is seen at 718.60

Mentha oil settled higher on fresh buying, driven by pick up in demand