Mentha oil August contract dropped Rs 5.5 and settled at Rs 731.5 a kg under selling pressure tracking weakness in spot market. The contract made intraday low of Rs 729.7 a kg and high of Rs 743.2 a kg with the volume of 1979 and total open interest for the same contact was at 4823.Now support for the menthol is seen at 726.4 and below could see a test of 721.3. Resistance is now likely to be seen at 739.9, a move above could see prices testing 748.3.

Trading Ideas:

Mentha Oil trading range is 721.3-748.

Resistance for the mentha oil is at 735.80

Support or mentha oil is seen at 726.40.

Mentha oil yesterday ended weak under selling pressure