Mentha oil February contract dropped Rs -2.9 and settled at Rs 1171.3 a kg as higher arrivals putting some pressure on the prices. The higher levels could not be sustained for Mentha Oil and profit booking at the higher levels brought some corrections to the rates. Expected rise in export and domestic demand from pharmaceutical Industries are likely to provide further support to the prices in the medium term. The contract made intraday low of Rs 1169.5 a kg and high of Rs 1182.3 a kg with the volume of 959 and total open interest for the same contact was at 3196.Now support for the menthol is seen at 1166.4 and below could see a test of 1161.6. Resistance is now likely to be seen at 1179.2, a move above could see prices testing 1187.2.

Trading Ideas:

Mentha Oil trading range is 1161.6-1187.

Mentha oil spot is at 1268/-.Spot market is up by Rs 8/-.

Mentha ended gained on strong demand from pharma and consuming units.

Mentha oil looks to take support at 1166.40 level

Resistance for the mentha oil is seen at 1179.20 level.

SELL MENTHOL FEB @ 1175-1180 SL 1188 TGT 1168-1160-1154.MCX