Mentha oil November contract dropped Rs 8.1 and settled at Rs 1060.5 a kg as traders booked profit after prices rose heavily in last few days. The total daily arrivals of mentha oil to be ranging between 350-400 drums at the major mandies of Uttar Pradesh such as Sambhal, Chandausi and Rampur. This has propelled the buoyancy in spot market. The contract made intraday low of Rs 1053 a kg and high of Rs 1075.8 a kg with the volume of 2869 and total open interest for the same contact was at 6076.Now support for the menthol is seen at 1050.4 and below could see a test of 1040.3. Resistance is now likely to be seen at 1073.2, a move above could see prices testing 1085.9.

Trading Ideas:

Mentha Oil trading range is 1040.3-1086.

Mentha oil spot is at 1130/-.Spot market is up by Rs.12/.

Resistance for the mentha oil is at 1073.20.

Support or mentha oil is seen at 1050.40.

Mentha oil ended weak as traders booked profit after prices rose heavily in last few days