Mentha oil November contract dropped Rs 49.4 and settled at Rs 1184.3 a kg as speculators indulged in profit-booking amid fall in spot market demand. The commodity is also trading low as traders expect some more dips in short term as demand gets affected at the higher levels. The contract made intraday low of Rs 1184.3 a kg and high of Rs 1227.9 a kg with the volume of 3418 and total open interest for the same contact was at 6504.Now support for the menthol is seen at 1169.8 and below could see a test of 1155.2. Resistance is now likely to be seen at 1213.4, a move above could see prices testing 1242.4.

Trading Ideas:

Mentha Oil trading range is 1155.2-1242.

Mentha oil spot is at 1255/-.Spot market is down by Rs.55/.

Resistance for the mentha oil is at 1198.40.

Support or mentha oil is seen at 1170.20.

Mentha oil ended lower as speculators indulged in profit-booking