Mentha oil August contract gained Rs 0.2 paring all its gains as arrival pressure coupled with slow demand continued to pull down mentha oil spot prices in major markets of Uttar Pradesh. Around 700-800 drums of mentha oil arrived in the market.  The contract made intraday low of Rs 733 a kg and high of Rs 745 a kg with the volume of 3327 and total open interest for the same contact was at 4838.Now support for the menthol is seen at 729.1 and below could see a test of 725. Resistance is now likely to be seen at 741.1, a move above could see prices testing 749.

Trading Ideas:

Menthol Oil trading range is 726.3-750.

Resistance for the mentha oil is at 738.20 and support is at 729.10.

Around 700-800 drums of mentha oil arrived in the market.

Mentha oil ended flat as arrival pressure coupled with slow demand continued to pull down prices