Mentha oil August contract dropped Rs 20.1 and settled at Rs 745.5 a kg as continued profit booking weighed on prices due to fall in demand in the spot market. Increased arrivals from producing belts in Uttar Pradesh also put pressure on the prices. The contract made intraday low of Rs 742.8 a kg and high of Rs 767.4 a kg with the volume of 3564 and total open interest for the same contact was at 3959.Now support for the menthol is seen at 736.4 and below could see a test of 727.3. Resistance is now likely to be seen at 761, a move above could see prices testing 776.5.

Trading Ideas:

Mentha Oil trading range is 727.1-776.

Resistance for the mentha oil is at 752.20.

Support or mentha oil is seen at 740.40.

Mentha oil yesterday ended lower due to fall in demand weighed