Mentha oil December contract dropped Rs 47.7 and settled at Rs 1145.7 a kg on the back of rise in supplies at major mandies against sluggish demand by exporters. Major mandies of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 700 drums. The contract made intraday low of Rs 1145.7 a kg and high of Rs 1193 a kg with the volume of 4657 and total open interest for the same contact was at 4353.Now support for the menthol is seen at 1129.9 and below could see a test of 1114.2. Resistance is now likely to be seen at 1177.2, a move above could see prices testing 1208.8.

Trading Ideas:

Mentha Oil trading range is 1114.2-1209.

Resistance for the mentha oil is at 1160.20 level.

Support or mentha oil is seen at 1128.80 level.

Mentha oil ended lower on the back of rise in supplies