Mentha oil yesterday ended down as per expectation on heavy selling. But the losses were limited as exporters bought mentha oil in bulk at low prices which supported the market. January contract dropped Rs 16.1 and settled at Rs 586.8 a kg. The contract made intraday low of Rs 585 a kg and high of Rs 602.7 a kg.

Now support for the menthol is seen at 580.3 and below could see a test of 573.8. Resistance is now likely to be seen at 598, a move above could see prices testing 609.2.

Trading Ideas:

Menthol trading range is 580-596.

Mentha oil spot is at 652/-.Spot is down by Rs 3/-.

Resistance for Mentha oil is at 589.20 and support is at 583.30 level

Mentha oil still looks till 585-583 level where some buying can be seen.

Mentha oil yesterday ended down as expected on heavy selling pressure

SELL MENTHOL JAN @ 592 SL 596 TGT 588-584.80-580. MCX