Mentha oil February contract gained Rs 6.7 and settled at Rs 1178 a kg some buying fueled by receding arrivals in major mandies of Uttar Pradesh accompanied with follows up buying by traders and speculators. The total daily arrivals of mentha oil to be ranging between 400-450 drums at the major mandies of Uttar Pradesh such as Sambhal, Chandausi and Rampur. The contract made intraday low of Rs 1170.3 a kg and high of Rs 1180.5 a kg with the volume of 844 and total open interest for the same contact was at 3220.Now support for the menthol is seen at 1172 and below could see a test of 1166.1. Resistance is now likely to be seen at 1182.2, a move above could see prices testing 1186.5.

Trading Ideas:

Mentha Oil trading range is 1165.2-1186.

Mentha oil spot is at 1268/-.Spot market is flat.

Mentha oil gained some buying fueled by receding arrivals

Mentha oil looks to take support at 1172 level

Resistance for the mentha oil is seen at 1182.20 level.