Spread between Mentha oil NOV & DEC contracts yesterday ended at 6.20. Spread yesterday traded in the range of 5.50-6.50. December contract gained Rs 5.7 and settled at Rs 592.7 a kg. The contract made intraday low of Rs 589.8 a kg and high of Rs 597.6 a kg. Now support for the menthol is seen at 589.10 and below could see a test of 585.50. Resistance is now likely to be seen at 596.90, a move above could see prices testing 601.10.

Trading Ideas:

MENTHOL TRADING RANGE IS 580-605.

MENTHOL SPOT IS AT 616/-.SPOT IS UP BY RS 6/-.

BUY MENTHOL DEC @ 590-592 SL 586.20 TGT 594.80-597.60-600.MCX

BUY MENTHOL DEC ON DIP @ 570-572 SL 567.20 TGT 575.80-579.20-583.50.MCX

NOW RES IS AT 595.80 ABV THIS NEXT RES IS AT 599.20-603.60.

MENTHA OIL YESTERDAY ENDED UP ON SHORT COVERING BY TRADERS