Mentha oil February contract gained Rs 4.8 and settled at Rs 1076 a kg due to short covering at the lower levels. Further, the anticipation of upcoming rise in export and domestic demand from pharmaceutical industries likely to provide support to prices. The contract made intraday low of Rs 1061.5 a kg and high of Rs 1101 a kg with the volume of 4329 and total open interest for the same contact was at 3372.Now support for the menthol is seen at 1058 and below could see a test of 1040. Resistance is now likely to be seen at 1097.5, a move above could see prices testing 1119.

Trading Ideas:

Mentha Oil trading range is 1043.1-1122.

Mentha oil spot is at 1157/-.Spot market is up by Rs 19/.

Mentha oil gained due to short covering at the lower levels

Mentha oil looks to take support at 1058 level

Resistance for the mentha oil is seen at 1090 level.