Mentha oil February contract dropped Rs 12.1 and settled at Rs 1139 a kg due to the profit booking at larger level by the speculators. Overall sentiments remained moderately weak for the commodity as traders expect a better sowing activity for the crop this year. The contract made intraday low of Rs 1133.5 a kg and high of Rs 1152.5 a kg with the volume of 2606 and total open interest for the same contact was at 2612.Now support for the menthol is seen at 1130.8 and below could see a test of 1122.7. Resistance is now likely to be seen at 1149.8, a move above could see prices testing 1160.7.

Trading Ideas:

Mentha Oil trading range is 1122.9-1161.

Mentha oil spot is at 1225/-.Spot market is down by Rs 5/.

Mentha dropped due to the profit booking at larger level

Mentha oil looks to take support at 1130.80 level

Resistance for the mentha oil is seen at 1149.80 level.