Mentha oil March contract dropped Rs 32.9 and settled at Rs 1132.7 a kg due to lack of demand and moderate arrivals amidst the reports of better sowing activity for the crop. However, expected rise in export and domestic demand from pharmaceutical industries are likely to provide support to prices in the medium term. The total daily arrivals of around 250-300 drums of mentha oil were reported in major mandies, down almost 50-70 drums from the last one month. The contract made intraday low of Rs 1128.5 a kg and high of Rs 1160.2 a kg with the volume of 2266 and total open interest for the same contact was at 6061.Now support for the menthol is seen at 1120.7 and below could see a test of 1108.8. Resistance is now likely to be seen at 1152.4, a move above could see prices testing 1172.2.

Trading Ideas:

Mentha Oil trading range is 1108.2-1172.

Mentha oil spot is at 1170/-.Spot market is down by Rs.35/-.

Mentha oil dropped due to lack of demand and moderate arrivals

Mentha oil looks to take support at 1120 and support is at 1144 level

The total daily arrivals of around 250-300 drums of mentha oil were reported in major mandies