Mentha oil prices on subdued demand in spot markets amid fresh arrivals from the Chandausi market in Uttar Pradesh. Reduced offtake by pharmaceutical units also put pressure on the trading sentiment at futures market. May contract dropped Rs 8.9 and settled at Rs 684.4 a kg.

The contract made intraday low of Rs 683 a kg and high of Rs 694.9 a kg with the volume of 1694 and total open interest for the same contact was at 3796. Now support for the menthol is seen at 680 and below could see a test of
675.5. Resistance is now likely to be seen at 691.9, a move above could see prices testing 699.3.

Trading Ideas:

Menthol Oil trading range is 675.5-699.

Mentha oil spot is at 771/-. Spot is down by Rs. 10/-.

Resistance for the mentha oil is at 689.80 and support is seen at 679.20.

Reduced offtake by pharmaceutical units also put pressure on the trading sentiment

Mentha oil prices on subdued demand in spot markets amid fresh arrivals from Chandausi

SELL MENTHOL MAY @ 687 SL 695 TGT 682-676.MCX