Mentha oil closed on a weak note on profit taking. A firm physical market also failed to garner support to the prices. April contract dropped Rs 1.8 and settled at Rs 626 a kg. The contract made intraday low of Rs 625.1 a kg and high of Rs 632.2 a kg with the volume of 1499 and total open interest for the same contact was at 2360.Now support for the menthol is seen at 623.3 and below could see a test of 620.7. Resistance is now likely to be seen at 630.4, a move above could see prices testing 634.9.

Trading Ideas:

Menthol Oil trading range is 621-633.

Mentha oil spot is at 680/-.Spot is down by Rs 3/-.

Resistance for the mentha oil is at 630.40

Mentha oil is getting support at 623.30

Mentha oil closed on a weak note on profit taking

BUY MENTHOL APR @ 622-624 SL 619.50 TGT 627.50-631. MCX