Mentha oil February contract dropped Rs 5.4 and settled at Rs 1166.5 a kg due to profit booking, driven by fall in demand in the spot market. It is reported that some more dips may be there in the short term though expected rise in demand at lower levels could support the rates in the medium term. The contract made intraday low of Rs 1159.6 a kg and high of Rs 1173.8 a kg with the volume of 1554 and total open interest for the same contact was at 3521.Now support for the menthol is seen at 1159.5 and below could see a test of 1152.4. Resistance is now likely to be seen at 1173.7, a move above could see prices testing 1180.8.

Trading Ideas:

Mentha Oil trading range is 1152.6-1181.

Mentha oil spot is at 1250/-.Spot market is down by Rs 4/.

Mentha oil dropped due to profit booking, driven by fall in demand in the spot market

Mentha oil looks to take support at 1159.50 level

Resistance for the mentha oil is seen at 1173.70 level.

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