Mentha oil June contract gained Rs 9.4 and settled at Rs 718.4 a kg mainly due to short covering. Prices witnessed correction after mentha oil futures traded lower under selling and arrival pressure. Spot market continued to trade sluggish on heavy arrival. The contract made intraday low of Rs 703.5 a kg and high of Rs 718.5 a kg with the volume of 2602 and total open interest for the same contact was at 2562.Now support for the menthol is seen at 708.4 and below could see a test of 698.5. Resistance is now likely to be seen at 723.4, a move above could see prices testing 728.5.

Trading Ideas:

Menthol Oil trading range is 698.5-728.

Mentha oil spot is at 772. Spot is up by Rs.10/-.

Resistance for the mentha oil is at 723.40 and support is at 713.80.

Spot market continued to trade sluggish on heavy arrival.

Mentha oil ended higher mainly due to short covering

A JUMP TILL 728 CAN BE SEEN STILL MARKET WEAK.