Mentha oil yesterday dipped as per expectation still spot market is under selling pressure and arrivals of are also increased to 250 drums against 150-200 drums reported last week, also traders are eyeing for mandi tax that can be imposed by this week end. February contract dropped Rs -1.4 and settled at Rs 560.5 a kg. The contract made intraday low of Rs 558 a kg and high of Rs 562.4 a kg. Now support for the menthol is seen at 558.2 and below could see a test of 555.9. Resistance is now likely to be seen at 562.6, a move above could see prices testing 564.7.

Trading Ideas:

Menthol Oil trading range is 555.9-565.

Mentha oil spot is at 628/-.Spot is down by Rs. 6/-.

Resistance for Mentha oil is at 568.30.

Mentha oil is getting support at 554.60.

More selling pressure can be seen below 560 level on the news on mandi tax

SELL MENTHOL FEB BELOW 560 SL 566.80 TGT 556.50-552.80-547.20-544. MCX