Mentha oil August contract dropped Rs 6 and settled at Rs 720.4 a kg as traders booked profits amid fall in demand at spot markets. Increased arrivals in the spot market from the producing belts in Uttar Pradesh also weighed on the prices. The contract made intraday low of Rs 716.2 a kg and high of Rs 726.7 a kg with the volume of 1870 and total open interest for the same contact was at 3951. Now support for the menthol is seen at 715.5 and below could see a test of 710.6. Resistance is now likely to be seen at 726, a move above could see prices testing 731.6.

Trading Ideas:

Menthol Oil trading range is 711.2-732.

Resistance for the mentha oil is at 726.

Support for mentha oil is seen at 715.50.

Mentha oil settled weak on profit booking and fall in demand at spot markets