Mentha oil February contract dropped Rs 1.2 and settled at Rs 1070.1 a kg weighed down by selling pressure. The prices succumbed to profit booking at large level after surging high on accelerated demand at the spot market against their restricted arrival. The contract made intraday low of Rs 1066 a kg and high of Rs 1076.2 a kg with the volume of 3574 and total open interest for the same contact was at 3465.Now support for the menthol is seen at 1065.3 and below could see a test of 1060.6. Resistance is now likely to be seen at 1075.5, a move above could see prices testing 1081.

Trading Ideas:

Mentha Oil trading range is 1060.9-1081.

Mentha oil spot is at 1128/-.Spot market is up by Rs 3/.

Mentha oil dropped weighed down by selling pressure.

Mentha oil looks to take support at 1058 level

Resistance for the mentha oil is seen at 1080 level.