Mentha oil November contract dropped Rs 5.6 and settled at Rs 1149.6 a kg on the back of rise in supplies at major mandies against sluggish demand by exporters. As per market sources, major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 625 drums. The contract made intraday low of Rs 1138 a kg and high of Rs 1165.7 a kg with the volume of 6422 and total open interest for the same contact was at 7022.Now support for the menthol is seen at 1136.5 and below could see a test of 1123.4. Resistance is now likely to be seen at 1164.2, a move above could see prices testing 1178.8.

Trading Ideas:

Mentha Oil trading range is 1123.4-1179.

Resistance for the mentha oil is at 1158.80.

Support or mentha oil is seen at 1136.50.

Mentha oil ended weak due to rise in supplies at major mandies against sluggish demand