December contract gained Rs 0.9 and settled at Rs 592.3 a kg. The contract made intraday low of Rs 590.4 a kg and high of Rs 596 a kg. Now support for the menthol is seen at 589.8 and below could see a test of 587.3. Resistance is now likely to be seen at 595.4, a move above could see prices testing 598.5.

Trading Ideas:

MENTHOL TRADING RANGE IS 582-604.

MENTHOL SPOT IS AT 623/-.SPOT IS UP RS 3/-.

SELL MENTHOL DEC @ 595-596 SL 599.80 TGT 592.40-588.80-585.10.MCX

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

MENTHOL PRICES UP ON SHORT COVERING BY TRADERS

OVERALL MARKET RANGE IS 575-600 LEVEL.