Mentha oil August contract gained Rs 7 and settled at Rs 725.1 a kg recovering from its lows on buying support by consuming industries amid tight stocks. Fall in supplies from producing belts and firming trend also supported the prices. The contract made intraday low of Rs 718.5 a kg and high of Rs 726 a kg with the volume of 926 and total open interest for the same contact was at 5001.Now support for the menthol is seen at 720.4 and below could see a test of 715.7. Resistance is now likely to be seen at 727.9, a move above could see prices testing 730.7.

Trading Ideas:

Menthol Oil trading range is 715.7-731.

Mentha oil spot is at 780/-. Spot market is up by Rs.11/-.

Resistance for the mentha oil is at 727.90 and

Support for mentha oil is seen at 720.40.

Mentha oil ended higher on buying support