Mentha oil November contract gained Rs 46.7 and settled at Rs 1214.5 a kg spurred by receding stocks in major mandies accompanied with strong export demand by traders and exporters. The total daily arrivals of mentha oil to be ranging between 350-400 against 500-560 drums reported earlier at the major mandies of Uttar Pradesh such as Sambhal , Chnadausi and Rampur. The contract made intraday low of Rs 1175 a kg and high of Rs 1214.5 a kg with the volume of 697 and total open interest for the same contact was at 8168. Now support for the menthol is seen at 1188.2 and below could see a test of 1161.8. Resistance is now likely to be seen at 1227.7, a move above could see prices testing 1240.8.

Trading Ideas:

Mentha Oil trading range is 1161.8-1241.

Resistance for the mentha oil is at 1173.40.

Support or mentha oil is seen at 1162.40.

Mentha oil ended higher spurred by receding stocks in major mandies