Mentha oil July contract dropped Rs 1.7 and settled at Rs 697 a kg on continued selling pressure due to weak spot prices. The contract made intraday low of Rs 694.1 a kg and high of Rs 707.8 a kg with the volume of 2942 and total open interest for the same contact was at 4471.Now support for the menthol is seen at 691.5 and below could see a test of 685.9. Resistance is now likely to be seen at 705.2, a move above could see prices testing 713.3.

Trading Ideas:

Menthol Oil trading range is 685.9-713.

Mentha oil spot is at 770/-. Spot is up by Rs. 3/-.

Resistance for the mentha oil is at 705.20.

Mentha oil looks to have a support at 691.50

Mentha oil ended weak on weak spot market

SELL MENTHOL JULY @ 704-706 SL 712 TGT 695.50-690-684.50.MCX (STBT)