February contract dropped Rs 4 and settled at Rs 590.5 a kg. The contract made intraday low of Rs 585.3 a kg and high of Rs 593.1 a kg. Now support for the menthol is seen at 586.10 and below could see a test of 581.80. Resistance is now likely to be seen at 593.90, a move above could see prices testing 597.40.

Trading Ideas:

Menthol trading range is 582-598.

Mentha oil spot is at 654/-.Spot is flat.

Resistance for Mentha oil is at 593.90 and support is at 586.10.

On January 29th, total stock of mentha oil at MCX warehouses at Chandausi was 8,56,144 kg.

Mentha oil yesterday ended down on weak spot market.

BUY MENTHOL FEB ABV 592 SL 588 TGT 596-599-602.50-606.80.MCX