Mentha oil June contract dropped Rs -3.9 and settled at Rs 712.3 a kg. The contract made intraday low of Rs 709.1 a kg and high of Rs 715 a kg with the volume of 1219 and total open interest for the same contact was at 2509. Now support for the menthol is seen at 709.3 and below could see a test of 706.2.

Resistance is now likely to be seen at 715.2, a move above could see prices testing 718. Spread between menthol oil JUN & JUL contracts yesterday ended at 2.70. Spread yesterday traded in the range of 2.4 to 3.6.

Trading Ideas:

Menthol Oil trading range is 706.2-718.

Mentha oil spot is at 780/-. Spot is Down by 12rs.

Resistance for the mentha oil is at 715.20.

Support for mentha oil is seen at 709.30.

Mentha oil settled lower tracking weakness in spot market

SELL MENTHOL JUNE @ 716-718 SL 724 TGT 712.80-708-704.MCX