Mentha oil November contract dropped Rs 26.1 and settled at Rs 1267.5 a kg as some selling weighed on the account of waning demand by exporters at elevated levels along with steady supply of mentha oil in major mandies. The major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 1200-1300 drums against 300-400 drums reported last week. The contract made intraday low of Rs 1254.8 a kg and high of Rs 1295 a kg with the volume of 4753 and total open interest for the same contact was at 7115. Now support for the menthol is seen at 1249.9 and below could see a test of 1232.2. Resistance is now likely to be seen at
1290.1, a move above could see prices testing 1312.6.

Trading Ideas:

Mentha Oil trading range is 1232.7-1313.

Mentha oil spot is at 1325/-.Spot market is down by Rs. 5/.

Resistance for the mentha oil is at 1280.20.

Support or mentha oil is seen at 1254.60.

Mentha oil ended lower on profit booking at higher levels