Mentha oil February contract gained Rs 31.4 and settled at Rs 1098 a kg witnessing 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 1075 a kg and high of Rs 1105.2 a kg with the volume of 3276 and total open interest for the same contact was at 3193.Now support for the menthol is seen at 1080.3 and below could see a test of 1062.5. Resistance is now likely to be seen at 1110.5, a move above could see prices testing 1122.9.

Trading Ideas:

Mentha Oil trading range is 1062.5-1123.

Mentha oil spot is at 1200/-.Spot market is up by Rs 8/.

Mentha oil gained witnessing some buying fueled by receding arrivals in major mandies

Mentha oil looks to take support at 1086 level

Resistance for the mentha oil is seen at 1100 level.