Menthol oil trading in the range since last 2-3 days spot market is also trading flat as no major activity is been witnessed in the market. February contract dropped Rs 3.2 and settled at Rs 594.5 a kg. The contract made intraday low of Rs 593.1 a kg and high of Rs 598.8 a kg. Now support for the menthol is seen at 592.10 and below could see a test of 589.70. Resistance is now likely to be seen at 597.80, a move above could see prices testing 601.10.

Trading Ideas:

Mentha oil spot is at 655/-.Spot is down by Rs 4/-.

Resistance for Mentha oil is at 596.80

Mentha oil is getting support at 592.10 level.

Mentha oil yesterday ended down as per expectation on weak cues from spot.

SELL MENTHOL JAN @ 596-598 SL 603 TGT 592.80-590-587.50.MCX