Mentha oil February contract dropped Rs 28.6 and settled at Rs 1048 a kg due to active selling on account of high arrivals amid tracking the decline in the demand in the spot market. On February 3rd, total stock of mentha oil at MCX-monitored warehouses at Chandausi was 6,91,224 kg of which 5,01,196 kg is physical stock and 1,90,028 is the demat stock.

The contract made intraday low of Rs 1044.3 a kg and high of Rs 1075 a kg with the volume of 3989 and total open interest for the same contact was at 3826. Now support for the menthol is seen at 1036.5 and below could see a test of 1025.1. Resistance is now likely to be seen at 1067.2, a move above could see prices testing 1086.5.

Trading Ideas: Mentha Oil trading range is 1025.1-1086. Mentha oil spot is at 1122/-.Spot market is down by Rs 10/. Mentha oil closed weak due to active selling amid weakness in the spot market. Mentha oil looks to take support at 1034.50 level Resistance for the mentha oil is seen at 1062.80 level.