Mentha oil February contract dropped Rs 33.4 and settled at Rs 1079.2 a kg due to fresh short selling by traders at higher levels. Active selling on account of high arrivals dragged the prices lower. The contract made intraday low of Rs 1079.2 a kg and high of Rs 1124.9 a kg with the volume of 5008 and total open interest for the same contact was at 3760.Now support for the menthol is seen at 1064 and below could see a test of 1048.7. Resistance is now likely to be seen at 1109.7, a move above could see prices testing 1140.1.

Trading Ideas:

Mentha Oil trading range is 1050.6-1142.

Mentha oil spot is at 1150/-.Spot market is down by Rs 37/.

Mentha oil ended lower due to fresh short selling on higher levels

Mentha oil looks to take support at 1064 level

Resistance for the mentha oil is seen at 1192 level.