Mentha oil February contract dropped Rs 10.1 and settled at Rs 1092.9 a kg on continued profit-booking amid fall in spot market demand. Further, even increased arrivals at spot market from the producing belts of Uttar Pradesh also influenced the trading sentiment. The contract made intraday low of Rs 1079.9 a kg and high of Rs 1101 a kg with the volume of 1985 and total open interest for the same contact was at 2300.Now support for the menthol is seen at 1081.5 and below could see a test of 1070.2. Resistance is now likely to be seen at 1102.6, a move above could see prices testing 1112.4.

Trading Ideas:

Mentha Oil trading range is 1070.2-1112.

Mentha oil spot is at 1195/-.Spot market is up by Rs 7/.

Mentha dropped Rs on continued profit-booking amid fall in spot market demand

Mentha oil looks to take support at 1086 level

Resistance for the mentha oil is seen at 1112 level.

SELL MENTHA OIL MAR BELOW 1090 SL 1102 TGT 1082-1074-1065.MCX