Mentha oil February contract gained Rs 38 and settled at Rs 1136 a kg supported by rising demand in the spot market against restricted arrivals. Further, the anticipation of upcoming rise in export demand is also likely to provide further support to prices.

The contract made intraday low of Rs 1100.2 a kg and high of Rs 1137 a kg with the volume of 3995 and total open interest for the same contact was at 2877. Now support for the menthol is seen at 1111.8 and below could see a test of 1087.6. Resistance is now likely to be seen at 1148.6, a move above could see prices testing 1161.2.

Trading Ideas: Mentha Oil trading range is 1086.8-1160. Mentha oil spot is at 1235/-.Spot market is up by Rs 35/. Mentha oil gained by rising demand in the spot market against restricted arrivals. Mentha oil looks to take support at
1122 level Resistance for the mentha oil is seen at 1148 level.